407.2020. Definitions.

285 words·~1 min read·/mo/chapter-407/407-2020·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

407.2020. Definitions. — For purposes of sections 407.2020 to 407.2090 , the following terms mean:

(1)"Commercial transaction" , a transaction involving a motor vehicle in which the motor vehicle will primarily be used for business purposes rather than personal purposes;

(2)"Consumer" , an individual purchaser of a motor vehicle or a borrower under a finance agreement. The term "consumer" includes any borrower, as defined in section 407.2030 , or contract holder, as defined in section 407.2060 , as applicable;

(3)"Finance agreement" , a loan, retail installment sales contract, or lease for the purchase, refinancing, or lease of a motor vehicle;

(4)"Free-look period" , a period of time from the effective date of the motor vehicle financial protection product until the date the motor vehicle financial protection product may be cancelled without penalty, fees, or costs. This period of time shall not be shorter than thirty days;

(5)"Insurer" , an insurance company licensed, registered, or otherwise authorized to issue contractual liability insurance under the insurance laws of this state;

(6)"Motor vehicle" , any self-propelled or towed vehicle designed for personal or commercial use including, but not limited to, automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, personal watercraft, and related trailers;

(7)"Motor vehicle financial protection product" , an agreement that protects a consumer's financial interest in his or her current or future motor vehicle. The term "motor vehicle financial protection product" includes any debt waiver, as defined in section 407.2030 , and any vehicle value protection agreement, as defined in section 407.2060 ;

(8)"Person" , an individual, company, association, organization, partnership, business trust, or corporation, and every form of legal entity.

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(L. 2023 S.B. 398)