5-9.3-108. Prohibitions on sale of guaranteed asset protection agreements

5-9.3-108. Prohibitions on sale of guaranteed asset protection agreements. (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.