§ 31A-6b-102. Definitions.

(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)

(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