(a) A motor vehicle value protection agreement may be offered, sold, or provided to a borrower or lessor under this chapter.
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Terms Used In Alabama Code 8-37A-3

  • Contract: A legal written agreement that becomes binding when signed.
(b) A provider may use an administrator or other designee to be responsible for all or part of the administration of motor vehicle value protection agreements in compliance with this chapter. A provider may act as an administrator or retain the services of a third-party administrator.
(c) A motor vehicle value protection agreement shall not be sold unless the contract holder is provided a copy of the agreement.
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