GUARANTEED ASSET PROTECTION WAIVER ACT (EXCERPT)
Act 229 of 2009
492.33 Applicability; exceptions.
(1) This act does not apply to any of the following:
(a) An insurance policy offered by an insurer under the insurance code of 1956, 1956 PA 218, MCL 500.100 to 500.8302.
(b) An offer of a debt cancellation or debt suspension contract that complies with 12 CFR part 37, 12 CFR part 721, or other federal law.
(2) Section 5(1)(d) does not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.
History: 2009, Act 229, Eff. July 7, 2010
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