Rhode Island § 19-32-1 - Guaranteed Asset-Protection Waivers
Full text of Rhode Island Rhode Island General Laws § 19-32-1 — Guaranteed Asset-Protection Waivers, with citation guidance and answers to common questions.
§ 19-32-1. Guaranteed Asset-Protection Waivers
R.I. Gen. Laws § 19-32-1
§ 19-32-1. Legislative intent and purpose.
(a) The general assembly finds that guaranteed asset-protection waivers are not insurance. All guaranteed asset-protection waivers issued prior to and after the date of enactment of this chapter shall not be construed as insurance.
(b) The purpose of this chapter is to provide a framework within which guaranteed asset-protection waivers are defined and may be offered within this state.
(c) This chapter does not apply to:
(1) An insurance policy offered by an insurer under title 27 including, but not limited to, vendor single interest coverage; or
(2) A debt cancellation or debt suspension contract being offered in compliance with §§ 19-3-1 and 19-5-25 or 12 C.F.R. Part 37 or 12 C.F.R. Part 721 or other federal law.
(d) Guaranteed asset-protection waivers governed under this section are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset-protection waivers to borrowers that comply with this section are exempt from this state’s insurance licensing requirements.
History of Section.
P.L. 2016, ch. 530, § 1.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 19-32-1
What does Rhode Island General Laws § 19-32-1 cover?
Section 19-32-1 ("Guaranteed Asset-Protection Waivers") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. 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 Rhode Island § 19-32-1?
A common citation format is "Rhode Island General Laws § 19-32-1" (Rhode Island). 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 Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 19-32-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island 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 Rhode Island.