July 15, 2015
GAP Legislation Passes in Minnesota
Minnesota House File 3 was signed by the governor and is effective August 1, 2015. For Minnesota, this bill now provides a solid legislative framework under which GAP waiver may be offered.
Important points to note from this bill:
1) GAP waiver may not be offered or sold in conjunction with the sale or lease of any used motor vehicle (an automobile or truck) that is valued at less than $5,000.
Until the Minnesota language is added to the GAP Waiver, the attached Minnesota Endorsement https://www.wisefandi.com/important-notice/ must be given to every customer purchasing GAP in Minnesota on or after August 1, 2015.
Questions or concerns? Please contact Client Services at 800-849-9559 or email ClientServices@WiseFandI.com.