{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-6403.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-6403.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-6403.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-6403.html"}],"law_id":362954,"edition_id":2,"section_id":362954,"structure_id":51809,"section_number":"38.2-6403","catch_line":"Disclosures","history":"2019, cc. 799, 800.","full_text":"Guaranteed asset protection waivers shall disclose, as applicable, in writing and in clear, understandable language that is easy to read the following:\n\n1\n\nThe name and address of the initial creditor and the borrower at the time of sale;\n\n2\n\nThe identity of any administrator if different from the creditor;\n\n3\n\nThe purchase price and the terms of the GAP waiver, including the requirements for protection, conditions, or exclusions associated with the GAP waiver;\n\n4\n\nThat the borrower may cancel the GAP waiver within a free look period as specified in the waiver and that the borrower is entitled to a full refund of the purchase price if no benefits have been provided;\n\n5\n\nThe procedure the borrower is required to follow, if any, to obtain GAP waiver benefits under the terms and conditions of the waiver, including a telephone number and address where the borrower may apply for waiver benefits;\n\n6\n\nWhether or not the GAP waiver is cancelable after the free look period and the conditions under which it may be canceled or terminated, including the procedures for requesting any refund due;\n\n7\n\nThat in order to receive any refund due in the event of a borrower’s cancellation of the GAP waiver agreement or early termination of the finance agreement after the free look period of the GAP waiver, the borrower, in accordance with terms of the waiver, is required to provide a written request to cancel to the creditor, administrator, or such other party. If the GAP waiver is canceled as a result of the early termination of the finance agreement, the borrower shall provide the request within 90 days of the occurrence of the event terminating the finance agreement;\n\n8\n\nThe methodology for calculating any refund of the unearned purchase price of the GAP waiver due, in the event of cancellation of the GAP waiver or early termination of the finance agreement; and\n\n9\n\nThat neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease may be conditioned upon the purchase of the GAP waiver.\n\n","order_by":null,"text":{"0":{"id":1352320,"text":"Guaranteed asset protection waivers shall disclose, as applicable, in writing and in clear, understandable language that is easy to read the following:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1352321,"text":"The name and address of the initial creditor and the borrower at the time of sale;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1352322,"text":"The identity of any administrator if different from the creditor;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":1352323,"text":"The purchase price and the terms of the GAP waiver, including the requirements for protection, conditions, or exclusions associated with the GAP waiver;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":1352324,"text":"That the borrower may cancel the GAP waiver within a free look period as specified in the waiver and that the borrower is entitled to a full refund of the purchase price if no benefits have been provided;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":1352325,"text":"The procedure the borrower is required to follow, if any, to obtain GAP waiver benefits under the terms and conditions of the waiver, including a telephone number and address where the borrower may apply for waiver benefits;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":1352326,"text":"Whether or not the GAP waiver is cancelable after the free look period and the conditions under which it may be canceled or terminated, including the procedures for requesting any refund due;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":1352327,"text":"That in order to receive any refund due in the event of a borrower’s cancellation of the GAP waiver agreement or early termination of the finance agreement after the free look period of the GAP waiver, the borrower, in accordance with terms of the waiver, is required to provide a written request to cancel to the creditor, administrator, or such other party. If the GAP waiver is canceled as a result of the early termination of the finance agreement, the borrower shall provide the request within 90 days of the occurrence of the event terminating the finance agreement;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":1352328,"text":"The methodology for calculating any refund of the unearned purchase price of the GAP waiver due, in the event of cancellation of the GAP waiver or early termination of the finance agreement; and","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":1352329,"text":"That neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease may be conditioned upon the purchase of the GAP waiver.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8"}},"ancestry":[{"id":51809,"edition_id":2,"name":"Guaranteed Asset Protection Waivers","identifier":"64","label":"chapter","depth":2,"order_by":38,"parent_id":51644,"metadata":{"child_laws":8,"child_structures":0},"date_created":"2026-08-02 02:49:13","date_modified":"2026-08-02 12:33:16","permalink":{"id":1445313,"object_type":"structure","relational_id":51809,"identifier":"64","token":"38.2\/64","url":"\/38.2\/64\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51644,"edition_id":2,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":88,"parent_id":null,"metadata":{"child_laws":1890,"child_structures":173},"date_created":"2026-08-02 02:45:30","date_modified":"2026-08-02 12:32:55","permalink":{"id":1437663,"object_type":"structure","relational_id":51644,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":362951,"structure_id":51809,"section_number":"38.2-6400","catch_line":"Definitions","url":"\/38.2-6400\/","token":"38.2\/64\/38.2-6400","metadata":false},{"id":362952,"structure_id":51809,"section_number":"38.2-6401","catch_line":"Requirements for offering guaranteed asset protection waivers","url":"\/38.2-6401\/","token":"38.2\/64\/38.2-6401","metadata":false},{"id":362953,"structure_id":51809,"section_number":"38.2-6402","catch_line":"Contractual liability or other insurance policies","url":"\/38.2-6402\/","token":"38.2\/64\/38.2-6402","metadata":false},{"id":362954,"structure_id":51809,"section_number":"38.2-6403","catch_line":"Disclosures","url":"\/38.2-6403\/","token":"38.2\/64\/38.2-6403","metadata":false},{"id":362955,"structure_id":51809,"section_number":"38.2-6404","catch_line":"Cancellation","url":"\/38.2-6404\/","token":"38.2\/64\/38.2-6404","metadata":false},{"id":362956,"structure_id":51809,"section_number":"38.2-6405","catch_line":"Commercial transactions","url":"\/38.2-6405\/","token":"38.2\/64\/38.2-6405","metadata":false},{"id":362957,"structure_id":51809,"section_number":"38.2-6406","catch_line":"GAP waivers not insurance","url":"\/38.2-6406\/","token":"38.2\/64\/38.2-6406","metadata":false},{"id":362958,"structure_id":51809,"section_number":"38.2-6407","catch_line":"Exemptions from chapter","url":"\/38.2-6407\/","token":"38.2\/64\/38.2-6407","metadata":false}],"previous_section":{"id":362953,"structure_id":51809,"section_number":"38.2-6402","catch_line":"Contractual liability or other insurance policies","url":"\/38.2-6402\/","token":"38.2\/64\/38.2-6402","metadata":false},"next_section":{"id":362955,"structure_id":51809,"section_number":"38.2-6404","catch_line":"Cancellation","url":"\/38.2-6404\/","token":"38.2\/64\/38.2-6404","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-6403\/","history_text":"

This law was first created in 2019. The record of its establishment is cataloged in chapters 799<\/a> and 800<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":362956,"section_number":"38.2-6405","catch_line":"Commercial transactions","order_by":null,"url":"\/38.2-6405\/"}],"refers_to":false,"permalink":{"id":1445327,"object_type":"law","relational_id":362954,"identifier":"38.2-6403","token":"38.2\/64\/38.2-6403","url":"\/38.2-6403\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-6403\/","token":"38.2\/64\/38.2-6403","dublin_core":{"Title":"Disclosures","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-6403","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Guaranteed asset protection waivers<\/span> shall disclose, as applicable, in writing and in clear, understandable language that is easy to read the following:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The name and address of the initial creditor<\/span> and the borrower<\/span> at the time of sale; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The identity of any administrator<\/span> if different from the creditor<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The purchase price and the terms of the GAP waiver<\/span>, including the requirements for protection, conditions, or exclusions associated with the GAP waiver<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> That the borrower<\/span> may cancel the GAP waiver<\/span> within a free look period<\/span> as specified in the waiver and that the borrower<\/span> is entitled to a full refund of the purchase price if no benefits have been provided; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The procedure the borrower<\/span> is required to follow, if any, to obtain GAP waiver<\/span> benefits under the terms and conditions of the waiver, including a telephone number and address where the borrower<\/span> may apply for waiver benefits; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Whether or not the GAP waiver<\/span> is cancelable after the free look period<\/span> and the conditions under which it may be canceled or terminated, including the procedures for requesting any refund due; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> That in order<\/span> to receive any refund due in the event of a borrower<\/span>’s cancellation of the GAP waiver<\/span> agreement or early termination of the finance agreement<\/span> after the free look period<\/span> of the GAP waiver<\/span>, the borrower<\/span>, in accordance with terms of the waiver, is required to provide a written request to cancel to the creditor<\/span>, administrator<\/span>, or such other party<\/span>. If the GAP waiver<\/span> is canceled as a result of the early termination of the finance agreement<\/span>, the borrower<\/span> shall provide the request within 90 days of the occurrence of the event terminating the finance agreement<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The methodology for calculating any refund of the unearned purchase price of the GAP waiver<\/span> due, in the event of cancellation of the GAP waiver<\/span> or early termination of the finance agreement<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> That neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle<\/span> sale or lease may be conditioned upon the purchase of the GAP waiver<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISCLOSURES (\u00a7 38.2-6403)\n\nGuaranteed asset protection waivers shall disclose, as applicable, in writing\nand in clear, understandable language that is easy to read the following:\n\n1. The name and address of the initial creditor and the borrower at the time of\nsale;\n\n2. The identity of any administrator if different from the creditor;\n\n3. The purchase price and the terms of the GAP waiver, including the\nrequirements for protection, conditions, or exclusions associated with the GAP\nwaiver;\n\n4. That the borrower may cancel the GAP waiver within a free look period as\nspecified in the waiver and that the borrower is entitled to a full refund of\nthe purchase price if no benefits have been provided;\n\n5. The procedure the borrower is required to follow, if any, to obtain GAP\nwaiver benefits under the terms and conditions of the waiver, including a\ntelephone number and address where the borrower may apply for waiver benefits;\n\n6. Whether or not the GAP waiver is cancelable after the free look period and\nthe conditions under which it may be canceled or terminated, including the\nprocedures for requesting any refund due;\n\n7. That in order to receive any refund due in the event of a borrower’s\ncancellation of the GAP waiver agreement or early termination of the finance\nagreement after the free look period of the GAP waiver, the borrower, in\naccordance with terms of the waiver, is required to provide a written request to\ncancel to the creditor, administrator, or such other party. If the GAP waiver is\ncanceled as a result of the early termination of the finance agreement, the\nborrower shall provide the request within 90 days of the occurrence of the event\nterminating the finance agreement;\n\n8. The methodology for calculating any refund of the unearned purchase price of\nthe GAP waiver due, in the event of cancellation of the GAP waiver or early\ntermination of the finance agreement; and\n\n9. That neither the extension of credit, the terms of the credit, nor the terms\nof the related motor vehicle sale or lease may be conditioned upon the purchase\nof the GAP waiver.\n\nHISTORY: 2019, cc. 799, 800.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}