1. (1) This article 9.3 applies to every creditor, whether the creditor is an assignee or holder of a finance agreement that includes a GAP agreement. A creditor, assignee, or holder does not have any subrogation rights against the consumer.

2. (2) This article 9.3 does not apply to a GAP agreement that is included in:

   1. (a) A consumer lease;
   2. (b) A loan that does not involve a consumer as defined in section 4-1-201 (10.5);
   3. (c) A product that does not meet the definition of a guaranteed asset protection agreement; or
   4. (d) A transaction that is not subject to the Uniform Consumer Credit Code, articles 1 to 9 of this title 5.

Source: L. 2023: Entire article added, (HB 23-1181), ch. 425, p. 2499, § 3, effective January 1, 2024.