Ark. Code § 4-90-701
As used in this subchapter, "debt cancellation agreement" means a loan term or contractual arrangement modifying a loan term dealing with motor vehicles under which a lender agrees to cancel all or part of a borrower's obligation to repay an extension of credit from the lender upon the occurrence of a specified event other than the death or disability of the borrower, whether or not separate from or a part of other loan documents. Provided, however, for purposes of this subchapter only, the term "debt cancellation agreement" shall not include that form of debt cancellation agreement which constitutes a guaranteed automobile protection waiver agreement or "GAP" waiver agreement. A guaranteed automobile protection waiver agreement or "GAP" waiver agreement means a loan term or a contractual arrangement modifying a loan term dealing with motor vehicles under which a lender agrees to waive, cancel, pay, or satisfy any remaining balance owed on a loan after a total loss or theft of the vehicle.
Ark. Code § 4-90-701