(1) Guaranteed asset protection waivers offered, sold, or provided to borrowers under the terms of the Guaranteed Asset Protection Waiver Act are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers that comply with the act are exempt from this state's insurance licensing requirements.

(2) Guaranteed asset protection waivers may, at the option of the creditor, be sold for a single payment or may be offered with a monthly or periodic payment option.

(3) Notwithstanding any other provision of law, any cost to the borrower for a guaranteed asset protection waiver entered into in compliance with the federal Truth in Lending Act, 15 U.S.C. 1601 et seq., and its implementing regulations, as such act and regulations existed on July 15, 2010, shall be separately stated and is not to be considered a finance charge or interest.

(4) The guaranteed asset protection waiver remains a part of the finance agreement upon the assignment, sale, or transfer of such finance agreement by the creditor.

(5) Neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease may be conditioned upon the purchase of a guaranteed asset protection waiver.

(6) Persons marketing, selling, or offering to sell guaranteed asset protection waivers to a borrower shall not market such guaranteed asset protection waivers to any borrower or potential borrowers as being insured under a contractual liability or other insurance policy issued by an insurer.