Senate committee substitute amends the 1st edition as follows.

Adds to the amended definition of a guaranteed asset protection waiver set forth in GS 66-440, applicable to Article 46, to explicitly provide that the term does not include a vehicle value protection agreement as defined in new GS 66-471(10).

Revises the definition of a vehicle value protection agreement under GS 66-471, applicable to new Article 48, as enacted, to provide for the occurrence of a less than total physical damage loss as an example of an event that would trigger the provision of a benefit provided for pursuant to contractual agreement (no longer specifically providing for the occurrences of loss, theft, or damage as examples). More specifically excludes a guaranteed asset protection waiver as defined by GS 66-440(5), as amended, rather than debt waivers, from the term.