(1) This section defines a term only for purposes of this chapter. A term defined in this section is not required to be used in a guaranteed asset protection waiver.

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Terms Used In Utah Code 31A-6b-102

  • Contract: A legal written agreement that becomes binding when signed.
  • Creditor: means a person, including an insured, having a claim, whether:
         (39)(a) matured;
         (39)(b) unmatured;
         (39)(c) liquidated;
         (39)(d) unliquidated;
         (39)(e) secured;
         (39)(f) unsecured;
         (39)(g) absolute;
         (39)(h) fixed; or
         (39)(i) contingent. See Utah Code 31A-1-301
  • 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
  • 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.
  • Person: includes :
         (146)(a) an individual;
         (146)(b) a partnership;
         (146)(c) a corporation;
         (146)(d) an incorporated or unincorporated association;
         (146)(e) a joint stock company;
         (146)(f) a trust;
         (146)(g) a limited liability company;
         (146)(h) a reciprocal;
         (146)(i) a syndicate; or
         (146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
(2) For purposes of this chapter:

     (2)(a) “Administrative functions” includes providing:

          (2)(a)(i) document development, processing, and management;
          (2)(a)(ii) data processing and support;
          (2)(a)(iii) compliance services;
          (2)(a)(iv) waiver fee processing;
          (2)(a)(v) benefit determination;
          (2)(a)(vi) technology support; or
          (2)(a)(vii) personnel support.
     (2)(b) “Administrator” means a person who provides administrative functions related to a guaranteed asset protection waiver.
     (2)(c) “Borrower” means a person who under a finance agreement is:

          (2)(c)(i) a debtor;
          (2)(c)(ii) a retail buyer; or
          (2)(c)(iii) a lessee.
     (2)(d) “Creditor” means a person who is:

          (2)(d)(i) a lender in a loan or credit transaction;
          (2)(d)(ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;
          (2)(d)(iii) a lessor in a lease transaction;
          (2)(d)(iv) a seller in a commercial retail installment transaction; or
          (2)(d)(v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.
     (2)(e) “Finance agreement” means one or more of the following for the purchase or lease of a vehicle:

          (2)(e)(i) a loan;
          (2)(e)(ii) a retail installment sales contract; or
          (2)(e)(iii) a lease.
     (2)(f) “Guaranteed asset protection waiver” means a contract for a separate charge:

          (2)(f)(i) under which a creditor agrees to waive all or part of the amounts due on a borrower’s finance agreement if a vehicle is subject to:

               (2)(f)(i)(A) a total physical damage loss; or
               (2)(f)(i)(B) unrecovered theft; and
          (2)(f)(ii) that is made part of a finance agreement, even if the guaranteed asset protection waiver is stated in a separate addendum to the finance agreement.
     (2)(g) “Preliminary period” means a time period that:

          (2)(g)(i) begins the day on which a guaranteed asset protection waiver becomes effective; and
          (2)(g)(ii) ends the last day on which a borrower may cancel the guaranteed asset protection waiver with a full refund if no benefits have been provided.
     (2)(h) “Restricted account” means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204.
     (2)(i)

          (2)(i)(i) “Vehicle” means a vehicle that is:

               (2)(i)(i)(A) self propelled or towed; and
               (2)(i)(i)(B) designed for personal or commercial use.
          (2)(i)(ii) “Vehicle” includes:

               (2)(i)(ii)(A) an automobile;
               (2)(i)(ii)(B) a truck;
               (2)(i)(ii)(C) a motorcycle;
               (2)(i)(ii)(D) a recreational vehicle;
               (2)(i)(ii)(E) an all terrain vehicle;
               (2)(i)(ii)(F) a snowmobile;
               (2)(i)(ii)(G) a camper;
               (2)(i)(ii)(H) a boat;
               (2)(i)(ii)(I) a personal watercraft; or
               (2)(i)(ii)(J) a trailer for a motorcycle, boat, camper, or personal watercraft.