New Hampshire Revised Statutes 361-E:2 – Definitions
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I. In this chapter:
(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 any retail buyer, as defined in N.H. Rev. Stat. § 361-A:1, IX.
(c) “Creditor” means:
(1) Any retail seller, as defined in N.H. Rev. Stat. § 361-A:1, XII; or
(2) Any sales finance company, as defined in N.H. Rev. Stat. § 361-A:1, XIII; or
(3) The assignees of any of the foregoing to whom the credit obligation is payable.
(d) “Finance agreement” means a retail installment contract for the purchase of a motor vehicle governed by RSA 361-A.
(e) “Free look period” means the period of time from the effective date of the guaranteed asset protection (GAP) waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower.
(f) “Guaranteed asset protection waiver” or “GAP waiver” means a contractual agreement wherein 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, which agreement shall be part of, or a separate addendum to, the finance agreement.
(g) “Insurer” means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.
(h) “Motor vehicle” means a motor vehicle, as defined in N.H. Rev. Stat. § 361-A:1, VII.
(i) “Person” includes an individual, company, association, organization, partnership, business trust, corporation, limited liability company, and every other form of legal entity.
II. The terms defined in this section are not intended to provide actual terms required in guaranteed asset protection waivers.
(a) “Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.
Terms Used In New Hampshire Revised Statutes 361-E:2
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
(b) “Borrower” means any retail buyer, as defined in N.H. Rev. Stat. § 361-A:1, IX.
(c) “Creditor” means:
(1) Any retail seller, as defined in N.H. Rev. Stat. § 361-A:1, XII; or
(2) Any sales finance company, as defined in N.H. Rev. Stat. § 361-A:1, XIII; or
(3) The assignees of any of the foregoing to whom the credit obligation is payable.
(d) “Finance agreement” means a retail installment contract for the purchase of a motor vehicle governed by RSA 361-A.
(e) “Free look period” means the period of time from the effective date of the guaranteed asset protection (GAP) waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower.
(f) “Guaranteed asset protection waiver” or “GAP waiver” means a contractual agreement wherein 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, which agreement shall be part of, or a separate addendum to, the finance agreement.
(g) “Insurer” means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.
(h) “Motor vehicle” means a motor vehicle, as defined in N.H. Rev. Stat. § 361-A:1, VII.
(i) “Person” includes an individual, company, association, organization, partnership, business trust, corporation, limited liability company, and every other form of legal entity.
II. The terms defined in this section are not intended to provide actual terms required in guaranteed asset protection waivers.