Utah Code 13-64-203. Preliminary period — Cancellation — Refund
Current as of: 2024 | Check for updates
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Terms Used In Utah Code 13-64-203
- Covered vehicle: means a vehicle that is covered under a vehicle value protection agreement. See Utah Code 13-64-101
- 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
- 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(1)(a) A vehicle value protection agreement shall provide for a preliminary period of at least 30 days.(1)(b) If a purchaser cancels a vehicle value protection agreement within the preliminary period, the purchaser is entitled to a refund of the charges under the vehicle value protection agreement as follows:(1)(b)(i) if benefits have not been provided, a full refund; or(1)(b)(ii) if benefits have been provided, a refund to the extent provided for in the vehicle value protection agreement.(2)(2)(a) Except as provided in Subsection (2)(b), if a provider cancels a vehicle value protection agreement, the provider shall mail a written notice to the purchaser at least five days before the day on which the vehicle value protection agreement is canceled.(2)(b) A provider may immediately cancel a vehicle value protection agreement upon sending a notice of cancellation to the purchaser if the reason for the cancellation is:(2)(b)(i) the purchaser’s failure to pay the provider’s fee under the vehicle value protection agreement; or(2)(b)(ii) the purchaser’s breach of the purchaser’s duties relating to the covered vehicle.(3) A notice described in Subsection (2) shall include:(3)(a) the effective date of the cancellation; and(3)(b) the reason for the cancellation.(4) If a provider cancels a vehicle value protection agreement for a reason other than the purchaser’s failure to pay the provider’s fee under the vehicle value protection agreement, the provider:(4)(a) shall refund the purchaser any unearned provider fee under the vehicle value protection agreement;(4)(b) may charge the purchaser an administrative fee of up to $75; and(4)(c) may deduct the amount of a benefit paid under the vehicle value protection agreement from the refund.