Arkansas § 4-90-806 - Cancellation of guaranteed asset protection waiver.
Full text of Arkansas Arkansas Code of 1987 Annotated § 4-90-806 — Cancellation of guaranteed asset protection waiver., with citation guidance and answers to common questions.
§ 4-90-806. Cancellation of guaranteed asset protection waiver.
A guaranteed asset protection waiver agreement may be cancelable or may not be cancelable after the free look period. A guaranteed asset protection waiver that is cancelable shall provide that if a borrower cancels a guaranteed asset protection waiver within the free look period, the borrower shall be entitled to a full refund of the purchase price, so long as no benefits have been provided. Upon a borrower's cancellation of the guaranteed asset protection waiver or early termination of the finance agreement, after the agreement has been in effect beyond the free look period and no benefits have been provided, the borrower shall be entitled to a refund of any unearned portion of the purchase price of the waiver less any cancellation fee no greater than seventy-five dollars ($75.00) according to the terms of the waiver. In order to receive a refund, a borrower shall provide a written notice requesting to cancel the guaranteed asset protection waiver to the creditor, administrator, or other party under any applicable terms of the guaranteed asset protection waiver. If the request is being made due to the early termination of the finance agreement, the notice shall be provided by the borrower to the creditor, administrator, or other party within ninety (90) days of the occurrence of the event terminating the finance agreement. If the cancellation of the guaranteed asset protection waiver occurs as a result of a default under the finance agreement, the repossession of the motor vehicle associated with the finance agreement, or any other termination of the finance agreement, any refund due may be paid directly to the creditor or administrator and applied as stated in subsection (d) of this section. A cancellation refund under this section may be applied by the creditor as a reduction of the amount owed under the finance agreement, unless the borrower can show that the finance agreement has been paid in full.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 4-90-806
What does Arkansas Code of 1987 Annotated § 4-90-806 cover?
Section 4-90-806 ("Cancellation of guaranteed asset protection waiver.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 4-90-806?
A common citation format is "Arkansas Code of 1987 Annotated § 4-90-806" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 4-90-806 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.