§15-140.2. Definitions.
275 words·~1 min read·
/ok/title-15-contracts/15-140-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act:
1. "Commercial" means a transaction wherein the motor vehicle will primarily be used for business purposes rather than personal;
2. "Commissioner" means the Insurance Commissioner;
3. "Consumer" means an individual purchaser of a motor vehicle or borrower under a finance agreement, and includes a borrower or contract holder as herein defined as applicable;
4. "Finance agreement" means a loan, retail installment sales contract, or lease for the purchase, refinancing, or lease of a motor vehicle;
5. "Free look period" means the 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 canceled without penalty, fees, or costs. This period of time shall not be shorter than thirty
(30)days;
6. "Insurer" means an insurance company licensed, registered, or otherwise authorized to issue contractual liability insurance under the insurance laws of this state;
7. "Motor vehicle" means self-propelled or towed vehicles designed for personal or commercial use including, but not limited to, automobiles, trucks, motorcycles, recreational vehicles, all- terrain vehicles, snowmobiles, campers, boards, personal watercraft, and related trailers;
8. "Motor vehicle financial protection product" means an agreement defined herein that protects a consumer's financial interest in his or her current or future motor vehicle and includes, but is not limited to, debt waiver and vehicle value protection agreements. A motor vehicle financial protection product shall not mean a service warranty or vehicle protection product warranty; and
9. "Person" means an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity. Added by Laws 2022, c. 16, § 1, eff. Nov. 1, 2022.