§ 407.2030 — Definitions.

Missouri § 407.2030

• Jurisdiction: Missouri
• Title XXVI: TRADE AND COMMERCE
• Ch. 407: Merchandising Practices

Text

For purposes of sections 407.2030 to 407.2055 , the following terms mean:

(1) "Administrator" , any person, other than an insurer or creditor, who performs administrative or operational functions for debt waiver programs;

(2) "Borrower" , a debtor or retail buyer or lessee under a finance agreement;

(3) "Creditor" :

(a)  The lender in a loan or credit transaction;

(b)  The lessor in a lease transaction;

(c)  Any retail seller of motor vehicles;

(d)  The seller in commercial retail installment transactions; or

(e)  The assignee of any person described in paragraphs (a) to (d) of this subdivision to whom the credit obligation is payable;

(4) "Debt waiver" , any guaranteed asset protection waiver or excess wear and use waiver;

(5) "Excess wear and use waiver" , a contractual agreement in which a creditor agrees, with or without a separate charge, to cancel or waive all or part of amounts that may become due under a borrower's lease agreement as a result of excessive wear and use of a motor vehicle, which agreement shall be part of, or a separate addendum to, the lease agreement.  Excess wear and use waivers may also cancel or waive amounts due for excess mileage;

(6) "Guaranteed asset protection waiver" , a contractual agreement in which a creditor agrees, with or without 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 the motor vehicle, which agreement shall be part of, or a separate addendum to, the finance agreement.  A guaranteed asset protection waiver may also provide, with or without a separate charge, a benefit that waives an amount, or provides a borrower with a credit, toward the purchase of a replacement motor vehicle.

Legislative History

(L. 2023 S.B. 398)