Utah Code 31A-6b-303. Cancellation or termination of a guaranteed asset protection waiver
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Terms Used In Utah Code 31A-6b-303
- Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301- 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) A borrower may cancel a guaranteed asset protection waiver in accordance with this section.(1)(b) A borrower may not waive by contract the borrower’s right to cancel a guaranteed asset protection waiver in accordance with this section.(1)(c) A guaranteed asset protection waiver terminates on the day on which the related finance agreement terminates.(2)(2)(a) A guaranteed asset protection waiver shall provide for a preliminary period of at least 30 days.(2)(b) If a borrower cancels a guaranteed asset protection waiver or if a guaranteed asset protection waiver terminates within the preliminary period, the borrower is entitled to a refund of the charge for the guaranteed asset protection waiver as follows:(2)(b)(i) if benefits have not been provided, a full refund; or(2)(b)(ii) if benefits have been provided, a refund to the extent provided for in the guaranteed asset protection waiver.(3)(3)(a) If a guaranteed asset protection waiver is cancelled by the borrower or terminates after the preliminary period, to obtain a refund of any portion of the charge for the guaranteed asset protection waiver, the borrower shall request the refund:(3)(a)(i) in a writing provided to:(3)(a)(i)(A) the creditor;(3)(a)(i)(B) an administrator; or(3)(a)(i)(C) another person designated in the guaranteed asset protection waiver;(3)(a)(ii) within 90 days of the day on which an event occurs that terminates the finance agreement if the refund is sought on the basis of termination of a finance agreement; and(3)(a)(iii) in accordance with any additional terms in the guaranteed asset protection waiver.(3)(b) If a guaranteed asset protection waiver is cancelled by the borrower or terminates after the preliminary period, but before the term of the finance agreement ends, a borrower is entitled to a refund:(3)(b)(i) of the portion of the charge for the guaranteed asset protection waiver that under the terms of the guaranteed asset protection waiver is considered unearned; and(3)(b)(ii) subject to any other terms of the guaranteed asset protection waiver.(4)(4)(a) If the cancellation of a guaranteed asset protection waiver occurs as a result of any of the following, a refund may be paid directly to the creditor or administrator and applied as provided in Subsection (4)(b):(4)(a)(i) a default under the finance agreement;(4)(a)(ii) the repossession of the vehicle associated with the finance agreement; or(4)(a)(iii) any other type of termination of the finance agreement or guaranteed asset protection waiver.(4)(b) A creditor may apply a refund described in this Subsection (4) to reduce the amount owed under a finance agreement, unless the borrower can show that the finance agreement is paid in full. - Person: includes :