Utah Code 13-64-101. Definitions
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As used in this chapter:
(1) “Administrative functions” means the same as that term is defined in Section 31A-6b-102.
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.