Terms Used In Montana Code > Title 30 > Chapter 14 > Part 22 - Guaranteed Asset Protection Waiver Act

• Administrator: means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. See Montana Code 30-14-2202
• Borrower: means a debtor, retail buyer, or lessee under a finance agreement. See Montana Code 30-14-2202
• 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)the lender in a loan or credit transaction;

  (b)the lessor in a lease transaction;

  (c)a retail dealer of motor vehicles that provides credit to buyers as part of a retail sale, provided that the dealer complies with the provisions of this part;

  (d)the seller in commercial retail installment transactions; or

  (e)the assignees of any of the persons set out in subsections (3)(a) through (3)(d) to whom the credit obligation is payable. See Montana Code 30-14-2202

• Fiduciary: A trustee, executor, or administrator.
• Finance agreement: means a loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle. See Montana Code 30-14-2202
• 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 from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower. See Montana Code 30-14-2202
• GAP waiver: means a contractual agreement that is part of or a separate addendum to the finance 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 Montana Code 30-14-2202
• Insurer: means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state. See Montana Code 30-14-2202
• 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 vehicle designed for personal or commercial use, including but not limited to an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, and personal watercraft and a trailer used to transport a motorcycle, boat, camper, or personal watercraft. See Montana Code 30-14-2202
• 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: includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity. See Montana Code 30-14-2202
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• 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}
• Writing: includes printing. See Montana Code 1-1-203