Skip to main content
Find a Lawyer

Rhode Island General Laws Title 19. Financial Institutions § 19-32-1. Legislative intent and purpose

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) The general assembly finds that guaranteed asset-protection waivers are not insurance. All guaranteed asset-protection waivers issued prior to and after the date of enactment of this chapter shall not be construed as insurance.

(b) The purpose of this chapter is to provide a framework within which guaranteed asset-protection waivers are defined and may be offered within this state.

(c) This chapter does not apply to:

(1) An insurance policy offered by an insurer under title 27 including, but not limited to, vendor single interest coverage; or

(2) A debt cancellation or debt suspension contract being offered in compliance with §§ 19-3-1 and 19-5-25 or 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law.

(d) Guaranteed asset-protection waivers governed under this section are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset-protection waivers to borrowers that comply with this section are exempt from this state's insurance licensing requirements.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Rhode Island General Laws Title 19. Financial Institutions § 19-32-1. Legislative intent and purpose - last updated January 01, 2022 | https://codes.findlaw.com/ri/title-19-financial-institutions/ri-gen-laws-sect-19-32-1/

Read this complete Rhode Island General Laws Title 19. Financial Institutions § 19-32-1. Legislative intent and purpose on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Rhode Island Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

    More Options
    Copied to clipboard