MS SB2929

Creates Chapter 52, Title 83 of Mississippi Code to establish a regulatory framework for guaranteed asset protection (GAP) waivers on motor vehicles, exempting them from insurance laws and licensing requirements when offered in compliance with this chapter.

Defines GAP waivers as contractual agreements where a creditor or administrator cancels or waives amounts owed on a finance agreement in case of total physical damage loss or unrecovered theft of the motor vehicle, with options for single or periodic payments.

Requires creditors and administrators to obtain contractual liability or other insurance policies to cover GAP waiver obligations, with exceptions for retail seller lessors, and mandates specific written disclosures including terms, refund procedures, cancellation rights, and a minimum 30-day free look period for cancellation with full refund.

Establishes that borrowers have the right to cancel GAP waivers during the free look period with full refund if no benefits have been provided, and may receive refunds of unearned portions after the free look period unless the waiver specifies otherwise.

Grants the Insurance Commissioner authority to enforce the chapter through cease and desist orders and penalties up to $500 per violation or $10,000 aggregate for violations of similar nature, with certain exemptions for commercial transactions and bank debt cancellation contracts.