State Codes and Statutes
Statutes > Utah > Title-31a > Chapter-06b > 31a-6b-10231A-6b-102. Definitions.
(1) This section defines a term only for purposes of this chapter. A term defined in thissection is not required to be used in a guaranteed asset protection waiver.
(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 aguaranteed 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 ispayable.
(e) "Finance agreement" means one or more of the following for the purchase or lease ofa 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'sfinance 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 protectionwaiver 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 protectionwaiver with a full refund if no benefits have been provided.
(h) "Restricted account" means the Guaranteed Asset Protection Waiver RestrictedAccount 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.
Enacted by Chapter 274, 2010 General Session
