§ 38.2-6400 Definitions
§ 38.2-6401 Requirements for offering guaranteed asset protection waivers
§ 38.2-6402 Contractual liability or other insurance policies
§ 38.2-6403 Disclosures
§ 38.2-6404 Cancellation
§ 38.2-6405 Commercial transactions
§ 38.2-6406 GAP waivers not insurance
§ 38.2-6407 Exemptions from chapter

Terms Used In Virginia Code > Title 38.2 > Chapter 64 - Guaranteed Asset Protection Waivers

  • Administrator: means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to a guaranteed asset protection waiver program. See Virginia Code 38.2-6400
  • Authority: means the Virginia Baseball Stadium Authority. See Virginia Code 15.2-5800
  • Borrower: means a debtor, retail buyer, or lessee, under a finance agreement. See Virginia Code 38.2-6400
  • Commercial transaction: means a transaction entered into primarily for a purpose other than personal, family, or household purposes. See Virginia Code 38.2-6400
  • Commissioner: means the Commissioner of Marine Resources. See Virginia Code 28.2-100
  • Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
  • Creditor: means :

    1. See Virginia Code 38.2-6400

  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Fiduciary: A trustee, executor, or administrator.
  • Finance agreement: means (i) a loan secured by a lien on a motor vehicle or (ii) a lease or retail installment sales contract for the lease or purchase of a motor vehicle. See Virginia Code 38.2-6400
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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 borrower's finance agreement without penalty, fees, or costs to the borrower. See Virginia Code 38.2-6400
  • 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 a motor vehicle, which agreement is part of, or a separate addendum to, the finance agreement. See Virginia Code 38.2-6400
  • insurance policies: shall include contracts of fidelity, indemnity, guaranty and suretyship. See Virginia Code 38.2-100
  • Insurer: means an insurance company licensed, registered, or otherwise authorized to do business under the laws of the Commonwealth. See Virginia Code 38.2-6400
  • 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
  • Major league baseball: means the organization which controls the administrative functions for the ownership and operation of major league baseball operations in the United States and Canada. See Virginia Code 15.2-5800
  • Major league baseball stadium: means a sports facility which is designed for use primarily as a baseball stadium and which meets criteria that may be established by major league baseball. See Virginia Code 15.2-5800
  • Motor vehicle: means any self-propelled or towed vehicle designed for personal or commercial use, including any automobile, truck, motorcycle, off-road vehicle, all-terrain vehicle, recreational vehicle, snowmobile, camper, boat, personal watercraft, and motorcycle, boat, camper, or personal watercraft trailer. See Virginia Code 38.2-6400
  • Officer: means a member of the Virginia Marine Police. See Virginia Code 28.2-100
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
  • Resident: means any person who maintains his principal place of abode in Virginia with the intent to make Virginia his domicile. See Virginia Code 28.2-200
  • Retail buyer: means a person who buys motor vehicles not principally for the purpose of resale. See Virginia Code 38.2-6400
  • Retail seller: means person that is regularly engaged in the selling of motor vehicles to retail buyers and that holds any necessary license to sell a motor vehicle to a retail buyer. See Virginia Code 38.2-6400
  • State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC