The creditor or the creditor’s designee shall not offer a guaranteed asset protection waiver when the guaranteed asset protection waiver contains terms that allow the creditor or the creditor’s designee to modify, unilaterally, the guaranteed asset protection waiver, unless (1) the modification is favorable to the borrower and is made without any additional charge to the borrower or (2) the borrower is notified of the proposed modification and has the option to cancel the guaranteed asset protection waiver without penalty.