C.R.S. Section 5-9.3-108
Prohibitions on sale of guaranteed asset protection agreements

[Editor’s note:
This section is effective January 1, 2024.]

(1)

A GAP agreement shall not be sold to a consumer if:

(a)

The consumer is ineligible for a GAP agreement;

(b)

The finance agreement terms preclude coverage under a GAP agreement;

(c)

The motor vehicle used as collateral for the finance agreement is ineligible for coverage under a GAP agreement;

(d)

The GAP agreement limits coverage to a maximum loan-to-value ratio and the terms of the finance agreement exceed the maximum loan-to-value ratio stated in the GAP agreement;

(e)

The maximum loan to value ratio in the GAP agreement exceeds one hundred fifty percent; or

(f)

The transaction would be unconscionable as described in section 5-4-106, 5-5-109, or 5-6-112.

Source: Section 5-9.3-108 — Prohibitions on sale of guaranteed asset protection agreements, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

Green check means up to date. Up to date

Current through Fall 2024

§ 5-9.3-108’s source at colorado​.gov