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Current as of May 05, 2022 | Updated by FindLaw Staff
(1) This section defines a term only for purposes of this chapter. A term defined in this section is not required to be used in a guaranteed asset protection waiver.
(2) For purposes of this chapter:
(a) “Administrative functions” includes providing:
(i) document development, processing, and management;
(ii) data processing and support;
(iii) compliance services;
(iv) waiver fee processing;
(v) benefit determination;
(vi) technology support; or
(vii) personnel support.
(b) “Administrator” means a person who provides administrative functions related to a guaranteed asset protection waiver.
(c) “Borrower” means a person who under a finance agreement is:
(i) a debtor;
(ii) a retail buyer; or
(iii) a lessee.
(d) “Creditor” means a person who is:
(i) a lender in a loan or credit transaction;
(ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;
(iii) a lessor in a lease transaction;
(iv) a seller in a commercial retail installment transaction; or
(v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.
(e) “Finance agreement” means one or more of the following for the purchase or lease of a vehicle:
(i) a loan;
(ii) a retail installment sales contract; or
(iii) a lease.
(f) “Guaranteed asset protection waiver” means a contract for a separate charge:
(i) under which a creditor agrees to waive all or part of the amounts due on a borrower's finance agreement if a vehicle is subject to:
(A) a total physical damage loss; or
(B) unrecovered theft; and
(ii) that is made part of a finance agreement, even if the guaranteed asset protection waiver is stated in a separate addendum to the finance agreement.
(g) “Preliminary period” means a time period that:
(i) begins the day on which a guaranteed asset protection waiver becomes effective; and
(ii) ends the last day on which a borrower may cancel the guaranteed asset protection waiver with a full refund if no benefits have been provided.
(h) “Restricted account” means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204.
(i)(i) “Vehicle” means a vehicle that is:
(A) self propelled or towed; and
(B) designed for personal or commercial use.
(ii) “Vehicle” includes:
(A) an automobile;
(B) a truck;
(C) a motorcycle;
(D) a recreational vehicle;
(E) an all terrain vehicle;
(F) a snowmobile;
(G) a camper;
(H) a boat;
(I) a personal watercraft; or
(J) a trailer for a motorcycle, boat, camper, or personal watercraft.
Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-6b-102. Definitions - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-6b-102/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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