Arkansas Code Title 4. Business and Commercial Law § 4-90-802. Definitions

(1) “Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions under a guaranteed asset protection waiver program;

(2) “Borrower” means a debtor, retail buyer, or lessee under a finance agreement;

(3) “Creditor” means:

(4) “Finance agreement” means a loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle;

(5) “Free look period” means the period of time, not less than thirty (30) days, from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the contract without imposition of a penalty, fee, or cost to the borrower;

(6) “Guaranteed asset protection waiver” means a contractual agreement wherein a creditor, for a separate charge, agrees to cancel or waive all or part of the amount due on a borrower's finance agreement with the creditor in the case of a total physical damage loss or unrecovered theft of the motor vehicle, and the contractual agreement is part of or a separate addendum to the borrower's finance agreement;

(7) “Insurer” means an insurance company that is licensed, registered, or otherwise authorized to do business under the insurance laws of this state;

(8) “Motor vehicle” means a self-propelled or towed vehicle designed for personal or commercial use, including without limitation:

(9) “Person” means an individual, company, association, organization, partnership, business trust, corporation, or any other form of legal entity;

(10) “Retail buyer” means a person who buys or agrees to buy a motor vehicle; and

(11) “Retail seller” means a motor vehicle dealer that sells, or offers to sell, a motor vehicle.