Notice 006: July 8, 2015 – South Carolina
July 8, 2015
GAP Legislation Passes in South Carolina
South Carolina Senate Bill 441 was signed by the governor June 1, 2015 and is effective November 30, 2015.
For South Carolina, this bill now provides a solid legislative framework under which GAP waiver may be offered.
There are two important points to note from this bill:
1) Simply stated, Section 37-30-120(I)(1) of the bill stipulates that in order for GAP Waiver to be legally offered, the loan to value of the vehicle (less cost of GAP, Credit Insurance and/or Service Contract) must be at least 80% or greater of the vehicle’s MSRP (new) or NADA value (used) for GAP Waiver to be offered.
2) Cancellation fee(s) on GAP Waiver will not be allowed.
Questions or concerns? Please contact Client Services at 800-849-9559 or email ClientServices@WiseFandI.com.