Utah Code 13-64-201. Vehicle value protection agreement — Required disclosures — Finance agreement conditions
Current as of: 2024 | Check for updates
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(1) A person may not issue, sell, offer to sell, or otherwise provide a vehicle value protection agreement that does not comply with this chapter.
Terms Used In Utah Code 13-64-201
- Agreement administrator: means a person who provides administrative functions related to a vehicle value protection agreement. 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
- 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
- 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. See Utah Code 13-64-101- 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
- Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:
(42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or(42)(b)(42)(b)(i) after the day described in Subsection (42)(a); and(42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5- 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) A vehicle value protection agreement shall conspicuously disclose:(2)(a) the name, address, and contact information of:(2)(a)(i) the provider;(2)(a)(ii) the agreement administrator, if any; and(2)(a)(iii) the purchaser;(2)(b) the terms of the vehicle value protection agreement, including:(2)(b)(i) the charges under the vehicle value protection agreement;(2)(b)(ii) the benefit eligibility requirements;(2)(b)(iii) the conditions imposed by the vehicle value protection agreement; and(2)(b)(iv) the procedure a purchaser is required to follow to obtain the benefit; and(2)(c) subject to Subsection (3), the terms or restrictions governing cancellation of the vehicle value protection agreement, including:(2)(c)(i) that the purchaser may cancel the vehicle value protection agreement during the preliminary period;(2)(c)(ii) the length of the preliminary period;(2)(c)(iii) the purchaser’s right to a refund for cancellation under Section 13-64-203; and(2)(c)(iv) the methodology for calculating any refund to the purchaser for cancellation.(3) The disclosure described in Subsection (2)(c)(i) shall:(3)(a) be written in dark bold with at least 12-point type on the first page of the vehicle value protection agreement; and(3)(b) read as follows: “IN ACCORDANCE WITH UTAH CODE SECTION 13-64-203, YOU, THE PURCHASER, MAY CANCEL THIS AGREEMENT AT ANY TIME BEFORE THE END OF THE PRELIMINARY PERIOD DESCRIBED IN THIS AGREEMENT.”(4) The provider shall provide the purchaser a copy of the vehicle value protection agreement at the time the provider and purchaser enter into the vehicle value protection agreement.(5) A finance agreement or vehicle purchase agreement may not be conditioned on a purchaser entering into a vehicle value protection agreement. - Preliminary period: means a time period that: