Louisiana Administrative Code
Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS
Part V - Automotive Industry
Subpart 3 - Motor Vehicle Sales Finance
Chapter 77 - GAP Coverage
Section V-7701 - Definition
Universal Citation: LA Admin Code V-7701
Current through Register Vol. 50, No. 9, September 20, 2024
A. GAP coverage covers a consumers deficiency balance between the net payoff of the consumers loan retail installment sales contract at the time of a loss and the amount paid by the consumers primary insurance after a vehicle is deemed a total loss due to any direct or accidental physical damages or unrecovered theft.
AUTHORITY NOTE: Promulgated in accordance with R.S. 6:969.40(D).
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