North Dakota Code 26.1-57-01 – Definitions
As used in this chapter:
Terms Used In North Dakota Code 26.1-57-01
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Administrator” means a person, other than an insurer or creditor, which performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.
2. “Borrower” means a debtor, retail buyer, or lessee, under a finance agreement.
3. “Creditor” means the lender in a loan or credit transaction; the lessor in a lease transaction; a dealer that provides credit to a motor vehicle retail buyer; the seller in a commercial retail installment transaction; or an assignee of any of the these persons.
4. “Dealer” has the same meaning as provided under section 39-01-01.
5. “Finance agreement” means a loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle.
6. “Free-look period” means the period of time from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower. This period of time may not be shorter than thirty days.
7. “Guaranteed asset protection waiver” means a contractual agreement in which a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower’s finance agreement if there is a total physical damage loss or unrecovered theft of the motor vehicle, which agreement must be part of, or a separate addendum to, the finance agreement.
8. “Insurer” means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.
9. “Motor vehicle” has the same meaning as provided under section 39-01-01, except the term includes a snowmobile and a trailer for a snowmobile, motorcycle, boat, camper, or personal watercraft.