13-64-201. Vehicle value protection agreement -- Required disclosures -- Finance agreement conditions.

338 words·~2 min read·/ut/title-13/chapter-64/13-64-201

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

Effective 5/3/2023

(1)A person may not issue, sell, offer to sell, or otherwise provide a vehicle value protection agreement that does not comply with this chapter.

(2)A vehicle value protection agreement shall conspicuously disclose:

(a)the name, address, and contact information of:

(i)the provider;

(ii)the agreement administrator, if any; and

(iii)the purchaser;

(b)the terms of the vehicle value protection agreement, including:

(i)the charges under the vehicle value protection agreement;

(ii)the benefit eligibility requirements;

(iii)the conditions imposed by the vehicle value protection agreement; and

(iv)the procedure a purchaser is required to follow to obtain the benefit; and

(c)subject to Subsection

(3), the terms or restrictions governing cancellation of the vehicle value protection agreement, including:

(i)that the purchaser may cancel the vehicle value protection agreement during the preliminary period;

(ii)the length of the preliminary period;

(iii)the purchaser's right to a refund for cancellation under Section 13-64-203 ; and

(iv)the methodology for calculating any refund to the purchaser for cancellation.

(3)The disclosure described in Subsection (2)(c)(i) shall:

(a)be written in dark bold with at least 12-point type on the first page of the vehicle value protection agreement; and

(b)read as follows: "IN ACCORDANCE WITH UTAH CODE SECTION 13-64-203 , YOU, THE PURCHASER, MAY CANCEL THIS AGREEMENT AT ANY TIME BEFORE THE END OF THE PRELIMINARY PERIOD DESCRIBED IN THIS AGREEMENT."

(4)The provider shall provide the purchaser a copy of the vehicle value protection agreement at the time the provider and purchaser enter into the vehicle value protection agreement.

(5)A finance agreement or vehicle purchase agreement may not be conditioned on a purchaser entering into a vehicle value protection agreement.

Enacted by Chapter 509 , 2023 General Session

Technically renumbered to avoid duplication of newly enacted Chapter also in HB 311, Chapter 477, HB 449, Chapter 298, SB 152, Chapter 498, SB 225, Chapter 377, SB 274, Chapter 536.