Tennessee § 56-59-101 - Short title — Purpose — Applicability.
Full text of Tennessee Tennessee Code Annotated § 56-59-101 — Short title — Purpose — Applicability., with citation guidance and answers to common questions.
§ 56-59-101. Short title — Purpose — Applicability.
This chapter shall be known and may be cited as the “Guaranteed Asset Protection Waiver Act of 2008.” The purpose of this chapter is to provide a framework within which guaranteed asset protection (GAP) waivers are defined and may be offered within the state. GAP waivers governed under this chapter are not insurance and are exempt from the insurance laws of this state. Persons marketing, soliciting, negotiating, selling or offering to sell GAP waivers to borrowers that comply with this chapter are exempt from this state's insurance licensing requirements. This chapter does not apply to an insurance policy offered by an insurer under the insurance laws of this state or a debt cancellation or debt suspension contract being offered in compliance in 12 CFR Part 37 or 12 CFR Part 721 or other state or federal law, including § 45-2-601. Acts 2008, ch. 1055, § 2. Compiler's Notes. Acts 2008, ch. 1055, § 11 provided that the commissioner may adopt administrative rules and regulations consistent with this chapter as are necessary to implement the provisions of this act. The rules and regulations shall be adopted in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Frequently Asked Questions About Tennessee § 56-59-101
What does Tennessee Code Annotated § 56-59-101 cover?
Section 56-59-101 ("Short title — Purpose — Applicability.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. 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 Tennessee § 56-59-101?
A common citation format is "Tennessee Code Annotated § 56-59-101" (Tennessee). 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 Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-59-101 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee 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 Tennessee.