Relating to exemptions from the application of laws that govern guaranteed asset protection waivers.

Provides that laws that govern guaranteed asset protection waivers do not apply to addendum to finance agreement that is sold to consumer finance licensee and that is secured by motor vehicle under terms of which creditor agrees to waive creditor's right to collect all or part of amount due from borrower under finance agreement or to release borrower from obligation to pay amount if motor vehicle is total loss or is stolen and not recovered. Provides that addendum to finance agreement described in Act is not insurance and is not subject to Insurance Code.