407.2060. Definitions.

204 words·~1 min read·/mo/chapter-407/407-2060

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

407.2060. Definitions. — For purposes of sections 407.2060 to 407.2075 , the following terms mean:

(1)"Administrator" , any person who is responsible for the administrative or operational functions of vehicle value protection agreements including, but not limited to, the adjudication of claims or benefit requests by contract holders;

(2)"Contract holder" , a person who is the purchaser or holder of a vehicle value protection agreement;

(3)"Provider" , a person who is obligated to provide a benefit under a vehicle value protection agreement. A provider may perform as an administrator or retain the services of a third-party administrator;

(4)"Vehicle value protection agreement" , a contractual agreement that:

(a)Provides a benefit toward the reduction of some or all of the contract holder's current finance agreement deficiency balance or toward the purchase or lease of a replacement motor vehicle or motor vehicle services upon the occurrence of an adverse event to the motor vehicle including, but not limited to, loss, theft, damage, obsolescence, diminished value, or depreciation;

(b)Does not include debt waivers; and

(c)May include agreements such as, but not limited to, trade-in-credit agreements, diminished value agreements, depreciation benefit agreements, or other similarly named agreements.

--------

(L. 2023 S.B. 398)