Mont. Admin. R. 2.59.414 - GUARANTEED ASSET PROTECTION (GAP) FEATURE
(1) A GAP waiver or agreement is a type of
debt cancellation contract . A debt cancellation contract with a GAP feature
offered in connection with an extension of credit for the purchase of titled
personal property for personal, family, or household use is a single product. A
credit union offering a debt cancellation contract with a GAP feature may do so
through nonexclusive, unaffiliated agents such as automobile dealers. The fee
arrangement between a credit union and a nonexclusive, unaffiliated agent
through which the debt cancellation product is offered does not create a
separate contract that violates the anti-tying provision of ARM
2.59.409(1)(a).
Notes
32-3-201, MCA; IMP, 32-3-609, MCA;
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