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GAP

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  • August 22, 2018 at 12:21 pm EDT #13173
    timob1973
    Participant

    Does anyone know if Kentucky recognizes GAP as an insurance product or a waiver? Trying to determine if the Insurance Disclosure for Credit Application is needed for this “product”?

    I understand that the conservative approach would be to get the borrower to sign the notice, but I’m getting push back saying that GAP is not an insurance product.

    Any help would be appreciated!!!

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  • August 22, 2018 at 12:30 pm EDT #13174
    timob1973
    Participant

    I found the answer. Under KY law, GAP is not considered insurance. KRS 190.100(7).

    August 31, 2018 at 5:42 pm EDT #13192
    jholzknecht
    Keymaster

    KRS 304.9 – 135(2)(f) actually requires the insurance notice. That section does not define what is considered insurance. The lack of a definition has been a problem for decades. Your clear definition from KRS 190.100(7) doesn’t necessarily apply to KRS 304.9 – 135(2)(f), but it is worth a try.

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