Utah Code 31A-6b-302. Required disclosures
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(1) A guaranteed asset protection waiver shall disclose the information described in Subsection (2):
Terms Used In Utah Code 31A-6b-302
- Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Creditor: means a person, including an insured, having a claim, whether:(39)(a) matured;(39)(b) unmatured;(39)(c) liquidated;(39)(d) unliquidated;(39)(e) secured;(39)(f) unsecured;(39)(g) absolute;(39)(h) fixed; or(39)(i) contingent. See Utah Code 31A-1-301
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) in writing; and(1)(b) in understandable language that is easy to read.(2) A guaranteed asset protection waiver shall disclose:(2)(a) the name and address of the initial creditor and the borrower at the time the guaranteed asset protection waiver is executed;(2)(b) if there is an administrator for the guaranteed asset protection waiver:(2)(b)(i) the name of the administrator;(2)(b)(ii) the address of the administrator; and(2)(b)(iii) a toll-free number to contact the administrator;(2)(c) the charge for the guaranteed asset protection waiver;(2)(d) the terms of the guaranteed asset protection waiver, including:(2)(d)(i) the requirements for receiving the protection of the guaranteed asset protection waiver;(2)(d)(ii) the conditions imposed by the guaranteed asset protection waiver; and(2)(d)(iii) the exclusions from the protection of the guaranteed asset protection waiver;(2)(e) the procedure the borrower must follow, if any, to obtain a benefit under the guaranteed asset protection waiver, including a telephone number and address where the borrower may apply for a benefit under the guaranteed asset protection waiver;(2)(f) that the borrower may cancel the guaranteed asset protection waiver;(2)(g) the rights the borrower has to a refund under Section 31A-6b-303;(2)(h) if the guaranteed asset protection waiver is cancelled or terminated after the preliminary period:(2)(h)(i) the procedures for requesting a refund under Section 31A-6b-303, including that the borrower request a refund in writing in accordance with Section 31A-6b-303; and(2)(h)(ii) the methodology for calculating the refund due, if any;(2)(i) that none of the following may be conditioned on the purchase of a guaranteed asset protection waiver:(2)(i)(i) the extension of credit;(2)(i)(ii) a term of credit; or(2)(i)(iii) a term of the related vehicle sale or lease; and(2)(j)(2)(j)(i) that a guaranteed asset protection waiver is subject to limited regulation by the commissioner; and(2)(j)(ii) that a complaint regarding a guaranteed asset protection waiver may be submitted to the commissioner.