Montana Title 30. Trade and Commerce § 30-14-2202. Definitions

(1) “Administrator” means a person, other than an insurer or creditor, that 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:

(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 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. The period of time may not be less than 30 days.

(6) “Guaranteed asset protection waiver” or “GAP waiver” means a contractual agreement that is part of or a separate addendum to the finance 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 in the event of a total physical damage loss or unrecovered theft of a motor vehicle.

(7) “Insurer” means an insurance company 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 but not limited to an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, and personal watercraft and a trailer used to transport a motorcycle, boat, camper, or personal watercraft.

(9) “Person” includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.