Missouri Laws 407.2060 – Definitions
For purposes of sections 407.2060 to 407.2075, the following terms mean:
(1) “Administrator”, any person who is responsible for the administrative or operational functions of vehicle value protection agreements including, but not limited to, the adjudication of claims or benefit requests by contract holders;
Terms Used In Missouri Laws 407.2060
- Contract: A legal written agreement that becomes binding when signed.
- 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
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
(2) “Contract holder”, a person who is the purchaser or holder of a vehicle value protection agreement;
(3) “Provider”, a person who is obligated to provide a benefit under a vehicle value protection agreement. A provider may perform as an administrator or retain the services of a third-party administrator;
(4) “Vehicle value protection agreement”, a contractual agreement that:
(a) Provides a benefit toward the reduction of some or all of the contract holder’s current finance agreement deficiency balance or toward the purchase or lease of a replacement motor vehicle or motor vehicle services upon the occurrence of an adverse event to the motor vehicle including, but not limited to, loss, theft, damage, obsolescence, diminished value, or depreciation;
(b) Does not include debt waivers; and
(c) May include agreements such as, but not limited to, trade-in-credit agreements, diminished value agreements, depreciation benefit agreements, or other similarly named agreements.