31A-6b-102. Definitions.

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

(1)This section defines a term only for purposes of this chapter. A term defined in this section is not required to be used in a guaranteed asset protection waiver.

(2)For purposes of this chapter:

(a)"Administrative functions" includes providing:

(i)document development, processing, and management;

(ii)data processing and support;

(iii)compliance services;

(iv)waiver fee processing;

(v)benefit determination;

(vi)technology support; or

(vii)personnel support.

(b)"Administrator" means a person who provides administrative functions related to a guaranteed asset protection waiver.

(c)"Borrower" means a person who under a finance agreement is:

(i)a debtor;

(ii)a retail buyer; or

(iii)a lessee.

(d)"Creditor" means a person who is:

(i)a lender in a loan or credit transaction;

(ii)a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;

(iii)a lessor in a lease transaction;

(iv)a seller in a commercial retail installment transaction; or

(v)an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.

(e)"Finance agreement" means one or more of the following for the purchase or lease of a vehicle:

(i)a loan;

(ii)a retail installment sales contract; or

(iii)a lease.

(f)"Guaranteed asset protection waiver" means a contract for a separate charge:

(i)under which a creditor agrees to waive all or part of the amounts due on a borrower's finance agreement if a vehicle is subject to:

(A)a total physical damage loss; or

(B)unrecovered theft; and

(ii)that is made part of a finance agreement, even if the guaranteed asset protection waiver is stated in a separate addendum to the finance agreement.

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

(i)begins the day on which a guaranteed asset protection waiver becomes effective; and

(ii)ends the last day on which a borrower may cancel the guaranteed asset protection waiver with a full refund if no benefits have been provided.

(h)"Restricted account" means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204 .

(i)"Vehicle" means a vehicle that is:

(A)self propelled or towed; and

(B)designed for personal or commercial use.

(ii)"Vehicle" includes:

(A)an automobile;

(B)a truck;

(C)a motorcycle;

(D)a recreational vehicle;

(E)an all terrain vehicle;

(F)a snowmobile;

(G)a camper;

(H)a boat;

(I)a personal watercraft; or

(J)a trailer for a motorcycle, boat, camper, or personal watercraft.

Enacted by Chapter 274 , 2010 General Session