                                 CODE OF VIRGINIA

DISCLOSURES (§ 38.2-6403)

Guaranteed asset protection waivers shall disclose, as applicable, in writing
and in clear, understandable language that is easy to read the following:

1. The name and address of the initial creditor and the borrower at the time of
sale;

2. The identity of any administrator if different from the creditor;

3. The purchase price and the terms of the GAP waiver, including the
requirements for protection, conditions, or exclusions associated with the GAP
waiver;

4. That the borrower may cancel the GAP waiver within a free look period as
specified in the waiver and that the borrower is entitled to a full refund of
the purchase price if no benefits have been provided;

5. The procedure the borrower is required to follow, if any, to obtain GAP
waiver benefits under the terms and conditions of the waiver, including a
telephone number and address where the borrower may apply for waiver benefits;

6. Whether or not the GAP waiver is cancelable after the free look period and
the conditions under which it may be canceled or terminated, including the
procedures for requesting any refund due;

7. That in order to receive any refund due in the event of a borrower&#8217;s
cancellation of the GAP waiver agreement or early termination of the finance
agreement after the free look period of the GAP waiver, the borrower, in
accordance with terms of the waiver, is required to provide a written request to
cancel to the creditor, administrator, or such other party. If the GAP waiver is
canceled as a result of the early termination of the finance agreement, the
borrower shall provide the request within 90 days of the occurrence of the event
terminating the finance agreement;

8. The methodology for calculating any refund of the unearned purchase price of
the GAP waiver due, in the event of cancellation of the GAP waiver or early
termination of the finance agreement; and

9. That neither the extension of credit, the terms of the credit, nor the terms
of the related motor vehicle sale or lease may be conditioned upon the purchase
of the GAP waiver.

HISTORY: 2019, cc. 799, 800.