{"data":{"id":"us-ri/r.i.-gen.-laws-19-32-1","jurisdiction":"us-ri","citation":"R.I. Gen. Laws § 19-32-1","heading":"Legislative intent and purpose.","body":"(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.\n(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.\n(c) This chapter does not apply to:\n(1) An insurance policy offered by an insurer under title 27 including, but not limited to, vendor single interest coverage; or\n(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.\n(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.","path":["Title 19 Financial Institutions","Chapter 32 Guaranteed Asset-Protection Waivers"],"source_url":"https://webserver.rilegislature.gov/Statutes/TITLE19/19-32/19-32-1.htm","current_through":"site files published 2025-08-13","vintage":"","retrieved_at":"2026-09-05T19:56:16Z","sha256":"4762778a0f3794a0fb09b8c75107b4e60c2fbeeca38e8087e14ffb1d2f8d4bb1","source_id":"us-ri","stale":true,"prev":"us-ri/r.i.-gen.-laws-19-31-1-19-31-9","next":"us-ri/r.i.-gen.-laws-19-32-2"},"notice":"GroundRules: Original legal text. Not legal advice."}