13-64-101.  Definitions.
     As used in this chapter:

(1)  “Administrative functions” means the same as that term is defined in Section 31A-6b-102.

Terms Used In Utah Code 13-64-101

  • Administrative functions: means the same as that term is defined in Section 31A-6b-102. See Utah Code 13-64-101
  • Contract: A legal written agreement that becomes binding when signed.
  • Covered vehicle: means a vehicle that is covered under a vehicle value protection agreement. See Utah Code 13-64-101
  • Division: means the Division of Consumer Protection established in Section 13-2-1. See Utah Code 13-64-101
  • Finance agreement: means the same as that term is defined in Section 31A-6b-102. See Utah Code 13-64-101
  • 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 :Utah Code 68-3-12.5
  • 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
  • Vehicle: means the same as that term is defined in Section 31A-6b-102. See Utah Code 13-64-101
  • Vehicle value protection agreement: includes :
(i) a vehicle trade-in agreement;
(ii) a vehicle diminished value agreement;
(iii) a vehicle cash down payment protection agreement; and
(iv) a vehicle depreciation benefit agreement. See Utah Code 13-64-101
(2)  “Agreement administrator” means a person who provides administrative functions related to a vehicle value protection agreement.

(3)  “Covered vehicle” means a vehicle that is covered under a vehicle value protection agreement.

(4)  “Division” means the Division of Consumer Protection established in Section 13-2-1.

(5)  “Finance agreement” means the same as that term is defined in Section 31A-6b-102.

(6)  “Insurer” means the same as that term is defined in Section 31A-1-301.

(7)  “Preliminary period” means a time period that:

(a)  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.

(8)  “Provider” means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement.

(9)  “Purchaser” means a person who purchases a benefit from another person under a vehicle value protection agreement.

(10)  “Security” means the same as that term is defined in Section 31A-1-301.

(11)  “Vehicle” means the same as that term is defined in Section 31A-6b-102.

(12) 

(a)  “Vehicle value protection agreement” means an agreement for a separate charge between a provider and purchaser under which the provider agrees to, upon damage, total loss, or unrecovered theft of the purchaser’s covered vehicle, provide a benefit to the purchaser that may be applied to:

(i)  the cash value of the covered vehicle when traded in for a replacement vehicle;

(ii)  the finance agreement for a replacement vehicle; or

(iii)  the purchase or lease price of a replacement vehicle.

(b)  “Vehicle value protection agreement” includes:

(i)  a vehicle trade-in agreement;

(ii)  a vehicle diminished value agreement;

(iii)  a vehicle cash down payment protection agreement; and

(iv)  a vehicle depreciation benefit agreement.

(c)  “Vehicle value protection agreement” does not include:

(i)  insurance or an insurance contract regulated under Title 31A, Insurance Code;

(ii)  a guaranteed asset protection waiver, as defined in Section 31A-6b-102;

(iii)  a debt cancellation agreement, as defined in Section 31A-21-109; or

(iv)  a debt suspension contract, as defined in Section 31A-21-109.

Enacted by Chapter 509, 2023 General Session

Technically renumbered to avoid duplication of newly enacted Chapter also in HB 18, Chapter 31, HB 311, Chapter 477, HB 449, Chapter 298, SB 152, Chapter 498, SB 225, Chapter 377, and SB 274, Chapter 536.

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