13-64-101. Definitions.

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

Effective 5/6/2026

As used in this chapter:

(1)"Administrative functions" means the same as that term is defined in Section 31A-6b-102 .

(2)"Agreement administrator" means a person who provides administrative functions related to a vehicle value protection agreement.

(3)"Covered vehicle" means a vehicle that is covered under a vehicle value protection agreement.

(4)"Division" means the Division of Consumer Protection established in Section 13-2-102 .

(5)"Finance agreement" means the same as that term is defined in Section 31A-6b-102 .

(6)"Insurer" means the same as that term is defined in Section 31A-1-301 .

(7)"Preliminary period" means a time period that:

(a)begins the day on which the vehicle value protection agreement becomes effective; and

(b)ends the last day on which the purchaser may cancel the vehicle value protection agreement with a full refund.

(8)"Provider" means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement.

(9)"Purchaser" means a person who purchases a benefit from another person under a vehicle value protection agreement.

(10)"Security" means the same as that term is defined in Section 31A-1-301 .

(11)"Vehicle" means the same as that term is defined in Section 31A-6b-102 .

(a)"Vehicle value protection agreement" means an agreement for a separate charge between a provider and purchaser under which the provider agrees to, upon damage, total loss, or unrecovered theft of the purchaser's covered vehicle, provide a benefit to the purchaser that may be applied to:

(i)the cash value of the covered vehicle when traded in for a replacement vehicle;

(ii)the finance agreement for a replacement vehicle; or

(iii)the purchase or lease price of a replacement vehicle.

(b)"Vehicle value protection agreement" includes:

(i)a vehicle trade-in agreement;

(ii)a vehicle diminished value agreement;

(iii)a vehicle cash down payment protection agreement; and

(iv)a vehicle depreciation benefit agreement.

(c)"Vehicle value protection agreement" does not include:

(i)insurance or an insurance contract regulated under Title 31A, Insurance Code ;

(ii)a guaranteed asset protection waiver, as defined in Section 31A-6b-102 ;

(iii)a debt cancellation agreement, as defined in Section 31A-21-109 ; or

(iv)a debt suspension contract, as defined in Section 31A-21-109 .

Amended by Chapter 95 , 2026 General Session