Terms Used In Michigan Laws > Chapter 492 > Act 229 of 2009 - Guaranteed Asset Protection Waiver Act

• Administrator: means a person, other than a creditor or insurer, that performs administrative or operational functions in connection with a guaranteed asset protection waiver program. See Michigan Laws 492.23
• Borrower: means a person that purchases, agrees to purchase, leases, or agrees to lease a motor vehicle. See Michigan Laws 492.23
• Commissioner: means the commissioner of the office of financial and insurance regulation in the department of energy, labor, and economic growth. See Michigan Laws 492.23
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Creditor: means a person that extends credit to a borrower in connection with the purchase of a motor vehicle; an assignee of that person; a lessor of a motor vehicle; or an assignee of that lessor. See Michigan Laws 492.23
• Fiduciary: A trustee, executor, or administrator.
• Finance agreement: means a loan, lease, or installment sale agreement for a motor vehicle. See Michigan Laws 492.23
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Free look period: means the period of time during which a borrower may cancel a guaranteed asset protection waiver without penalty, fees, or costs to the borrower. See Michigan Laws 492.23
• Guaranteed asset protection waiver: means a contractual 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. See Michigan Laws 492.23
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Installment buyer: means that term as defined in section 2 of the motor vehicle sales finance act, MCL 492. See Michigan Laws 492.23
• Installment seller: means that term as defined in section 2 of the motor vehicle sales finance act, MCL 492. See Michigan Laws 492.23
• Insurer: means an authorized insurer as defined in section 108 of the insurance code of 1956, 1956 PA 218, MCL 500. See Michigan Laws 492.23
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Motor vehicle: means a self-propelled or towed device that transports people or property for personal or commercial use. See Michigan Laws 492.23
• Motor vehicle sales finance act: means the motor vehicle sales finance act, 1950 (Ex Sess) PA 27, MCL 492. See Michigan Laws 492.23
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, limited liability company, partnership, association, corporation, governmental entity, or any other legal entity. See Michigan Laws 492.23
• Retail buyer: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Retail charge agreement: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Retail installment contract: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Retail installment sales act: means the retail installment sales act, 1966 PA 224, MCL 445. See Michigan Laws 492.23
• Retail seller: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Sales finance company: means that term as defined in section 2 of the motor vehicle sales finance act, MCL 492. See Michigan Laws 492.23
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}