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Utah Code Title 13. Commerce and Trade § 13-64-201. Vehicle value protection agreement--Required disclosures--Finance agreement conditions

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A person may not issue, sell, offer to sell, or otherwise provide a vehicle value protection agreement that does not comply with this chapter.

(2) A vehicle value protection agreement shall conspicuously disclose:

(a) the name, address, and contact information of:

(i) the provider;

(ii) the agreement administrator, if any; and

(iii) the purchaser;

(b) the terms of the vehicle value protection agreement, including:

(i) the charges under the vehicle value protection agreement;

(ii) the benefit eligibility requirements;

(iii) the conditions imposed by the vehicle value protection agreement; and

(iv) the procedure a purchaser is required to follow to obtain the benefit; and

(c) subject to Subsection (3), the terms or restrictions governing cancellation of the vehicle value protection agreement, including:

(i) that the purchaser may cancel the vehicle value protection agreement during the preliminary period;

(ii) the length of the preliminary period;

(iii) the purchaser's right to a refund for cancellation under Section 13-64-203; and

(iv) the methodology for calculating any refund to the purchaser for cancellation.

(3) The disclosure described in Subsection (2)(c)(i) shall:

(a) be written in dark bold with at least 12-point type on the first page of the vehicle value protection agreement; and

(b) read as follows: “IN ACCORDANCE WITH UTAH CODE SECTION 13-64-203, YOU, THE PURCHASER, MAY CANCEL THIS AGREEMENT AT ANY TIME BEFORE THE END OF THE PRELIMINARY PERIOD DESCRIBED IN THIS AGREEMENT.”

(4) The provider shall provide the purchaser a copy of the vehicle value protection agreement at the time the provider and purchaser enter into the vehicle value protection agreement.

(5) A finance agreement or vehicle purchase agreement may not be conditioned on a purchaser entering into a vehicle value protection agreement.

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Cite this article: FindLaw.com - Utah Code Title 13. Commerce and Trade § 13-64-201. Vehicle value protection agreement--Required disclosures--Finance agreement conditions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-13-commerce-and-trade/ut-code-sect-13-64-201/

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