§ 31A-6b-201 — Persons who may provide a guaranteed asset protection waiver -- Requirement to be licensed or registered.

(1) Except as provided in Subsection (2), on and after July 1, 2010, a person may not sell, offer to sell, or otherwise provide a guaranteed asset protection waiver to a borrower in this state unless the person:

(1)(a) (1)(a)(i) is:

(1)(a)(i)(A) a creditor; or
(1)(a)(i)(B) an administrator; and
(1)(a)(ii) is registered in accordance with this part; or
(1)(b) (1)(b)(i) is an individual who sells vehicles at retail; and
(1)(b)(ii) holds a limited line producer license in accordance with Section 31A-23a-103.
(2) (2)(a) Subject to the other provisions of this Subsection (2), an entity retail seller of a vehicle may sell, offer to sell, or otherwise provide a guaranteed asset protection waiver to a borrower without being registered under this chapter if the retail seller assigns finance agreements within 90 days.
(2)(b) The commissioner may assess each retail seller described in Subsection (2)(a) that is located in this state an annual assessment in accordance with this Subsection (2).
(2)(c) The commissioner may assess an annual assessment under this section only if the fees received by the commissioner under Section 31A-6b-202 do not equal or exceed $100,000.
(2)(d) The commissioner shall determine the amount of the annual assessment under this section in accordance with Section 31A-3-103, except that:
(2)(d)(i) the annual assessment may not exceed $50; and
(2)(d)(ii) the commissioner may not impose an amount that would reasonably be expected to result in the commissioner receiving in excess of $100,000 in a fiscal year from the aggregate of:

(2)(d)(ii)(A) the fees received under Section 31A-6b-202; and
(2)(d)(ii)(B) the annual assessments under this section.
(2)(e) The commissioner shall deposit an annual assessment collected under this section into the restricted account.

Legislative History

Enacted by Chapter 274, 2010 General Session