Missouri Laws 407.2030 – Definitions
For purposes of sections 407.2030 to 407.2055, the following terms mean:
(1) “Administrator”, any person, other than an insurer or creditor, who performs administrative or operational functions for debt waiver programs;
Terms Used In Missouri Laws 407.2030
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- 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
- 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.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
(2) “Borrower”, a debtor or retail buyer or lessee under a finance agreement;
(3) “Creditor”:
(a) The lender in a loan or credit transaction;
(b) The lessor in a lease transaction;
(c) Any retail seller of motor vehicles;
(d) The seller in commercial retail installment transactions; or
(e) The assignee of any person described in paragraphs (a) to (d) of this subdivision to whom the credit obligation is payable;
(4) “Debt waiver”, any guaranteed asset protection waiver or excess wear and use waiver;
(5) “Excess wear and use waiver”, a contractual agreement in which a creditor agrees, with or without a separate charge, to cancel or waive all or part of amounts that may become due under a borrower’s lease agreement as a result of excessive wear and use of a motor vehicle, which agreement shall be part of, or a separate addendum to, the lease agreement. Excess wear and use waivers may also cancel or waive amounts due for excess mileage;
(6) “Guaranteed asset protection waiver”, a contractual agreement in which a creditor agrees, with or without 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 the motor vehicle, which agreement shall be part of, or a separate addendum to, the finance agreement. A guaranteed asset protection waiver may also provide, with or without a separate charge, a benefit that waives an amount, or provides a borrower with a credit, toward the purchase of a replacement motor vehicle.