§ 26.1-57-01 — Definitions

As used in this chapter:
1. "Administrator" means a person, other than an insurer or creditor, which performs
administrative or operational functions pursuant to guaranteed asset protection waiver
programs.
2. "Borrower" means a debtor, retail buyer, or lessee, under a finance agreement.
3. "Creditor" means the lender in a loan or credit transaction; the lessor in a lease
transaction; a dealer that provides credit to a motor vehicle retail buyer; the seller in a
commercial retail installment transaction; or an assignee of any of the these persons.
4. "Dealer" has the same meaning as provided under section 39-01-01.
5. "Finance agreement" means a loan, lease, or retail installment sales contract for the
purchase or lease of a motor vehicle.
6. "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 contract without
penalty, fees, or costs to the borrower. This period of time may not be shorter than
thirty days.
7. "Guaranteed asset protection waiver" means a contractual agreement in which a
creditor agrees for a separate charge to cancel or waive all or part of amounts due on
a borrower's finance agreement if there is a total physical damage loss or unrecovered
theft of the motor vehicle, which agreement must be part of, or a separate addendum
to, the finance agreement.
8. "Insurer" means an insurance company licensed, registered, or otherwise authorized
to do business under the insurance laws of this state.
9. "Motor vehicle" has the same meaning as provided under section 39-01-01, except the
term includes a snowmobile and a trailer for a snowmobile, motorcycle, boat, camper,
or personal watercraft.