26.1-57-02. Scope

26.1-57-02. Scope 1. This chapter does not apply to: a. An insurance policy offered by an insurer under the insurance laws of this state; b. A debt cancellation or debt suspension contract offered in compliance with title 12, Code of Federal Regulations, part 37 or title 12, Code of Federal Regulations, part 721, or other federal law; or c. A debt cancellation or debt suspension contract offered by a bank or credit union chartered under the laws of this state. 2. Guaranteed asset protection waivers are not insurance and, except as provided under this chapter, are exempt from the insurance laws of this state. A person marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers which complies with this chapter is exempt from the insurance requirements of this state.