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Initiative designed to enhance compliance for the benefit of consumers.
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The Guaranteed Asset Protection Alliance, a lobbying group made up of GAP providers, administrators and finance sources, was instrumental in getting two of the three laws passed — the most recent state to adopt its model act being Maine.
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The new law mirrors the model act developed by the Guaranteed Asset Protection Alliance and clarifies how the product may be offered in the state. But the law contains restrictions on when the protection can be sold.
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