"Guaranteed asset protection agreement", "guaranteed auto protection agreement", or "GAP agreement" means, with respect to a consumer credit sale or a consumer loan involving a motor vehicle or another titled asset, an agreement in which the seller or lender agrees to cancel or waive all or part of the outstanding debt after all property insurance benefits have been exhausted after the occurrence of a specified event.

[Pre-2026 Revision Citation: 24-4.5-3-202(6).]

As added by P.L.115-2026, SEC.97.