§ 31A-6b-102 — Definitions.

Utah § 31A-6b-102

• Jurisdiction: Utah
• Title 31A: Insurance Code
• Ch. 31A-6b: Guaranteed Asset Protection Waiver Act
• Part 31A-6b-1: General Provisions

Text

(1) This section defines a term only for purposes of this chapter. A term defined in this section is not required to be used in a guaranteed asset protection waiver.
(2) For purposes of this chapter:

(2)(a) "Administrative functions" includes providing:
(2)(a)(i) document development, processing, and management;
(2)(a)(ii) data processing and support;
(2)(a)(iii) compliance services;
(2)(a)(iv) waiver fee processing;
(2)(a)(v) benefit determination;
(2)(a)(vi) technology support; or
(2)(a)(vii) personnel support.
(2)(b) "Administrator" means a person who provides administrative functions related to a guaranteed asset protection waiver.
(2)(c) "Borrower" means a person who under a finance agreement is:
(2)(c)(i) a debtor;
(2)(c)(ii) a retail buyer; or
(2)(c)(iii) a lessee.
(2)(d) "Creditor" means a person who is:
(2)(d)(i) a lender in a loan or credit transaction;
(2)(d)(ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;
(2)(d)(iii) a lessor in a lease transaction;
(2)(d)(iv) a seller in a commercial retail installment transaction; or
(2)(d)(v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.
(2)(e) "Finance agreement" means one or more of the following for the purchase or lease of a vehicle:
(2)(e)(i) a loan;
(2)(e)(ii) a retail installment sales contract; or
(2)(e)(iii) a lease.
(2)(f) "Guaranteed asset protection waiver" means a contract for a separate charge:
(2)(f)(i) under which a creditor agrees to waive all or part of the amounts due on a borrower's finance agreement if a vehicle is subject to:

(2)(f)(i)(A) a total physical damage loss; or
(2)(f)(i)(B) unrecovered theft; and
(2)(f)(ii) that is made part of a finance agreement, even if the guaranteed asset protection waiver is stated in a separate addendum to the finance agreement.
(2)(g) "Preliminary period" means a time period that:
(2)(g)(i) begins the day on which a guaranteed asset protection waiver becomes effective; and
(2)(g)(ii) ends the last day on which a borrower may cancel the guaranteed asset protection waiver with a full refund if no benefits have been provided.
(2)(h) "Restricted account" means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204.
(2)(i) (2)(i)(i) "Vehicle" means a vehicle that is:

(2)(i)(i)(A) self propelled or towed; and
(2)(i)(i)(B) designed for personal or commercial use.
(2)(i)(ii) "Vehicle" includes:

(2)(i)(ii)(A) an automobile;
(2)(i)(ii)(B) a truck;
(2)(i)(ii)(C) a motorcycle;
(2)(i)(ii)(D) a recreational vehicle;
(2)(i)(ii)(E) an all terrain vehicle;
(2)(i)(ii)(F) a snowmobile;
(2)(i)(ii)(G) a camper;
(2)(i)(ii)(H) a boat;
(2)(i)(ii)(I) a personal watercraft; or
(2)(i)(ii)(J) a trailer for a motorcycle, boat, camper, or personal watercraft.

Legislative History

Enacted by Chapter 274, 2010 General Session