This section defines a term only for purposes of this chapter. A term defined in this section is not required to be used in a guaranteed asset protection waiver.
Terms Used In Utah Code 31A-6b-102
Contract: A legal written agreement that becomes binding when signed.
Creditor: means a person, including an insured, having a claim, whether:
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
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.
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
(2)
For purposes of this chapter:
(a)
“Administrative functions” includes providing:
(i)
document development, processing, and management;
(ii)
data processing and support;
(iii)
compliance services;
(iv)
waiver fee processing;
(v)
benefit determination;
(vi)
technology support; or
(vii)
personnel support.
(b)
“Administrator” means a person who provides administrative functions related to a guaranteed asset protection waiver.
(c)
“Borrower” means a person who under a finance agreement is:
(i)
a debtor;
(ii)
a retail buyer; or
(iii)
a lessee.
(d)
“Creditor” means a person who is:
(i)
a lender in a loan or credit transaction;
(ii)
a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;
(iii)
a lessor in a lease transaction;
(iv)
a seller in a commercial retail installment transaction; or
(v)
an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.
(e)
“Finance agreement” means one or more of the following for the purchase or lease of a vehicle:
(i)
a loan;
(ii)
a retail installment sales contract; or
(iii)
a lease.
(f)
“Guaranteed asset protection waiver” means a contract for a separate charge:
(i)
under which a creditor agrees to waive all or part of the amounts due on a borrower’s finance agreement if a vehicle is subject to:
(A)
a total physical damage loss; or
(B)
unrecovered theft; and
(ii)
that is made part of a finance agreement, even if the guaranteed asset protection waiver is stated in a separate addendum to the finance agreement.
(g)
“Preliminary period” means a time period that:
(i)
begins the day on which a guaranteed asset protection waiver becomes effective; and
(ii)
ends the last day on which a borrower may cancel the guaranteed asset protection waiver with a full refund if no benefits have been provided.
(h)
“Restricted account” means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204.
(i)
(i)
“Vehicle” means a vehicle that is:
(A)
self propelled or towed; and
(B)
designed for personal or commercial use.
(ii)
“Vehicle” includes:
(A)
an automobile;
(B)
a truck;
(C)
a motorcycle;
(D)
a recreational vehicle;
(E)
an all terrain vehicle;
(F)
a snowmobile;
(G)
a camper;
(H)
a boat;
(I)
a personal watercraft; or
(J)
a trailer for a motorcycle, boat, camper, or personal watercraft.
