Utah Code Title 31A. Insurance Code § 31A-6b-303. Cancellation or termination of a guaranteed asset protection waiver

(1)(a) A borrower may cancel a guaranteed asset protection waiver in accordance with this section.

(b) A borrower may not waive by contract the borrower's right to cancel a guaranteed asset protection waiver in accordance with this section.

(c) A guaranteed asset protection waiver terminates on the day on which the related finance agreement terminates.

(2)(a) A guaranteed asset protection waiver shall provide for a preliminary period of at least 30 days.

(b) If a borrower cancels a guaranteed asset protection waiver or if a guaranteed asset protection waiver terminates within the preliminary period, the borrower is entitled to a refund of the charge for the guaranteed asset protection waiver as follows:

(3)(a) If a guaranteed asset protection waiver is cancelled by the borrower or terminates after the preliminary period, to obtain a refund of any portion of the charge for the guaranteed asset protection waiver, the borrower shall request the refund:

(b) If a guaranteed asset protection waiver is cancelled by the borrower or terminates after the preliminary period, but before the term of the finance agreement ends, a borrower is entitled to a refund:

(4)(a) If the cancellation of a guaranteed asset protection waiver occurs as a result of any of the following, a refund may be paid directly to the creditor or administrator and applied as provided in Subsection (4)(b):

(b) A creditor may apply a refund described in this Subsection (4) to reduce the amount owed under a finance agreement, unless the borrower can show that the finance agreement is paid in full.