Utah § 31A-6b-302 Required disclosures.

Utah Statutes

§ 31A-6b-302 — Required disclosures.

Utah·Title 31A Insurance Code·Ch. 31A-6b Guaranteed Asset Protection Waiver Act·Part 31A-6b-3 Requirements for a Guaranteed Asset Protection Waiver

(1)A guaranteed asset protection waiver shall disclose the information described in Subsection (2):

(1)(a) in writing; and

(1)(b) in understandable language that is easy to read.

(2)A guaranteed asset protection waiver shall disclose:

(2)(a) the name and address of the initial creditor and the borrower at the time the guaranteed asset protection waiver is executed;

(2)(b) if there is an administrator for the guaranteed asset protection waiver:

(2)(b)(i) the name of the administrator;

(2)(b)(ii) the address of the administrator; and

(2)(b)(iii) a toll-free number to contact the administrator;

(2)(c) the charge for the guaranteed asset protection waiver;

(2)(d) the terms of the guaranteed asset protection waiver, including:

(2)(d)(i) the requirements for receiving the protection of the g

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(1) A guaranteed asset protection waiver shall disclose the information described in Subsection (2):

(1)(a) in writing; and
(1)(b) in understandable language that is easy to read.
(2) A guaranteed asset protection waiver shall disclose:

(2)(a) the name and address of the initial creditor and the borrower at the time the guaranteed asset protection waiver is executed;
(2)(b) if there is an administrator for the guaranteed asset protection waiver:
(2)(b)(i) the name of the administrator;
(2)(b)(ii) the address of the administrator; and
(2)(b)(iii) a toll-free number to contact the administrator;
(2)(c) the charge for the guaranteed asset protection waiver;
(2)(d) the terms of the guaranteed asset protection waiver, including:
(2)(d)(i) the requirements for receiving the protection of the guaranteed asset protection waiver;
(2)(d)(ii) the conditions imposed by the guaranteed asset protection waiver; and
(2)(d)(iii) the exclusions from the protection of the guaranteed asset protection waiver;
(2)(e) the procedure the borrower must follow, if any, to obtain a benefit under the guaranteed asset protection waiver, including a telephone number and address where the borrower may apply for a benefit under the guaranteed asset protection waiver;
(2)(f) that the borrower may cancel the guaranteed asset protection waiver;
(2)(g) the rights the borrower has to a refund under Section 31A-6b-303;
(2)(h) if the guaranteed asset protection waiver is cancelled or terminated after the preliminary period:
(2)(h)(i) the procedures for requesting a refund under Section 31A-6b-303, including that the borrower request a refund in writing in accordance with Section 31A-6b-303; and
(2)(h)(ii) the methodology for calculating the refund due, if any;
(2)(i) that none of the following may be conditioned on the purchase of a guaranteed asset protection waiver:
(2)(i)(i) the extension of credit;
(2)(i)(ii) a term of credit; or
(2)(i)(iii) a term of the related vehicle sale or lease; and
(2)(j) (2)(j)(i) that a guaranteed asset protection waiver is subject to limited regulation by the commissioner; and
(2)(j)(ii) that a complaint regarding a guaranteed asset protection waiver may be submitted to the commissioner.