Utah Code 31A-6b-102. Definitions
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(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.
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.