218.0148 Guaranteed asset protection agreements.

226 words·~1 min read·/wi/chapter-218/218-0148

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

(1)Definitions. In this section:

(a)“Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.

(b)“Borrower” means a retail buyer who purchases a motor vehicle under a retail installment contract, a lessee, or any other debtor to whom a creditor extends credit for the purchase or refinancing of a motor vehicle.

(c)“Creditor” means a sales finance company, including any motor vehicle dealer described in s. 218.0101

(b), a lessor, or any other lender that extends credit to a borrower for the purchase or refinancing of a motor vehicle, but does not include a depository institution, as defined in 12 USC 1813

(c)(1), or any state or federal credit union.

(d)“Finance agreement” means any of the following:

1. A retail installment contract.

2. A loan agreement in which a creditor extends credit to a borrower for the purchase or refinancing of a motor vehicle.

3. A consumer lease.

(e)“Guaranteed asset protection waiver” means a contractual obligation under which a creditor agrees, for a separate charge, to cancel or waive all or part of amounts due on a borrower’s finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle specified in the finance agreement.