New AFSA 50-State Survey Focuses on GAP Products July 11, 2017 Today, AFSA’s State Government Affairs (SGA) department released a 50 state survey examining state laws regarding creditor obligations for providing a refund for unearned GAP income. Although GAP products have been available for at least three decades, how they are regulated varies widely among the states. Issues surrounding the responsibility for refunding unearned GAP income in the event of early termination of the finance agreement remain a hot topic in the states, as some states require financial institutions to provide the refund directly, while others specify no responsibility. For this survey on GAP refunds, AFSA’s SGA team examined state statutes, regulations, advisory bulletins, and interpretive opinions addressing GAP products looking for refund obligations specific to creditors or contract holders. The survey is meant to provide general information only, not legal advice or legal opinion, and companies should seek legal advice for specific compliance questions. As this issue continues to develop, AFSA welcomes feedback and suggestions that can further enhance the information in the survey. For comments or questions, please contact Matt Kownacki. This survey and others like it, as well as any white papers, talking points and issue briefs, can be found on AFSA’s website under the State Government Affairs Resources section.