As used in this chapter:

(1) “Administrative functions” means the same as that term is defined in Section 31A-6b-102.

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Terms Used In Utah Code 13-64-101

  • Administrative functions: means the same as that term is defined in Section 31A-6b-102. See Utah Code 13-64-101
  • Contract: A legal written agreement that becomes binding when signed.
  • Covered vehicle: means a vehicle that is covered under a vehicle value protection agreement. See Utah Code 13-64-101
  • Division: means the Division of Consumer Protection established in Section 13-2-1. See Utah Code 13-64-101
  • Finance agreement: means the same as that term is defined in Section 31A-6b-102. See Utah Code 13-64-101
  • 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: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Provider: means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement. See Utah Code 13-64-101
  • Purchaser: means a person who purchases a benefit from another person under a vehicle value protection agreement. See Utah Code 13-64-101
  • Vehicle: means the same as that term is defined in Section 31A-6b-102. See Utah Code 13-64-101
  • Vehicle value protection agreement: includes :
              (12)(b)(i) a vehicle trade-in agreement;
              (12)(b)(ii) a vehicle diminished value agreement;
              (12)(b)(iii) a vehicle cash down payment protection agreement; and
              (12)(b)(iv) a vehicle depreciation benefit agreement. See Utah Code 13-64-101
(2) “Agreement administrator” means a person who provides administrative functions related to a vehicle value protection agreement.
(3) “Covered vehicle” means a vehicle that is covered under a vehicle value protection agreement.
(4) “Division” means the Division of Consumer Protection established in Section 13-2-1.
(5) “Finance agreement” means the same as that term is defined in Section 31A-6b-102.
(6) “Insurer” means the same as that term is defined in Section 31A-1-301.
(7) “Preliminary period” means a time period that:

     (7)(a) begins the day on which the vehicle value protection agreement becomes effective; and
     (7)(b) ends the last day on which the purchaser may cancel the vehicle value protection agreement with a full refund.
(8) “Provider” means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement.
(9) “Purchaser” means a person who purchases a benefit from another person under a vehicle value protection agreement.
(10) “Security” means the same as that term is defined in Section 31A-1-301.
(11) “Vehicle” means the same as that term is defined in Section 31A-6b-102.
(12)

     (12)(a) “Vehicle value protection agreement” means an agreement for a separate charge between a provider and purchaser under which the provider agrees to, upon damage, total loss, or unrecovered theft of the purchaser’s covered vehicle, provide a benefit to the purchaser that may be applied to:

          (12)(a)(i) the cash value of the covered vehicle when traded in for a replacement vehicle;
          (12)(a)(ii) the finance agreement for a replacement vehicle; or
          (12)(a)(iii) the purchase or lease price of a replacement vehicle.
     (12)(b) “Vehicle value protection agreement” includes:

          (12)(b)(i) a vehicle trade-in agreement;
          (12)(b)(ii) a vehicle diminished value agreement;
          (12)(b)(iii) a vehicle cash down payment protection agreement; and
          (12)(b)(iv) a vehicle depreciation benefit agreement.
     (12)(c) “Vehicle value protection agreement” does not include:

          (12)(c)(i) insurance or an insurance contract regulated under Title 31A, Insurance Code;
          (12)(c)(ii) a guaranteed asset protection waiver, as defined in Section 31A-6b-102;
          (12)(c)(iii) a debt cancellation agreement, as defined in Section 31A-21-109; or
          (12)(c)(iv) a debt suspension contract, as defined in Section 31A-21-109.