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. See Utah Code 13-64-101
Provider: means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement. See Utah Code 13-64-101
Purchaser: means a person who purchases a benefit from another person under a vehicle value protection agreement. See Utah Code 13-64-101
Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5
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.
