(1) This chapter applies only to guaranteed asset protection waivers for financing of motor vehicles as defined in this chapter. Any person or entity must register with the commissioner before marketing, offering for sale or selling a guaranteed asset protection waiver, and before acting as an obligor for a guaranteed asset protection waiver, in this state. However, a retail seller of motor vehicles that assigns more than eighty-five percent of guaranteed asset protection waiver agreements within thirty days of such agreements' effective date, or an insurer authorized to transact such insurance business in this state, are not required to register pursuant to this section. Failure of any retail seller of motor vehicles to assign one hundred percent of guaranteed asset protection waiver agreements within forty-five days of such agreements' effective date will result in that retail seller being required to comply with the registration requirements of this chapter.

     (2) No person may market, offer for sale, or sell a guaranteed asset protection waiver, or act as an obligor on a guaranteed asset protection waiver in this state without a registration as provided in this chapter, except as set forth in subsection (1) of this section.

     (3) The application for registration must include the following:

     (a) The applicant's name, address, and telephone number;

     (b) The identities of the applicant's executive officers or other officers directly responsible for the waiver business;

     (c) An application fee of two hundred fifty dollars, which shall be deposited into the guaranteed asset protection waiver account;

     (d) A copy filed by the applicant with the commissioner of the waivers the applicant intends to offer in this state;

     (e) A list of all unregistered marketers of guaranteed asset protection waivers on which the applicant will be the obligor;

     (f) Such additional information as the commissioner may reasonably require.

     (4) Once registered, the applicant shall keep the information required for registration current by reporting changes within thirty days after the end of the month in which the change occurs.

[2009 c 334 § 3.]