Utah Code 31A-6b-103. Relationship to title — Scope — Exemptions
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(1) A guaranteed asset protection waiver:
Terms Used In Utah Code 31A-6b-103
- Contract: A legal written agreement that becomes binding when signed.
- Insurance: includes :(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. 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
- 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(1)(a) is not an insurance contract; and(1)(b) is not considered a debt cancellation or debt suspension contract for purposes of Section 31A-21-109.(2) A guaranteed asset protection waiver is exempt from the provisions of this title other than this chapter, except to the extent otherwise provided in this chapter.(3) This chapter does not apply to:(3)(a) an insurance contract offered by an insurer under this title; or(3)(b) a debt cancellation or debt suspension contract that:(3)(b)(i) is not a guaranteed asset protection waiver; and(3)(b)(ii) is offered in compliance with:(3)(b)(ii)(A) 12 C.F.R. part 37;(3)(b)(ii)(B) 12 C.F.R. part 721;(3)(b)(ii)(C) other federal law; or(3)(b)(ii)(D) Section 31A-21-109.(4) A person required to be licensed or registered in accordance with this chapter may not be required to be licensed under another provision of this title for engaging in an act regulated by this chapter.(5) A guaranteed asset protection waiver offered in connection with a loan, lease, or retail installment sale associated with a commercial vehicle transaction is not subject to this title.(6) The following are exempt from this chapter:(6)(a) a bank, as defined in Section 7-1-103;(6)(b) a credit union, as defined in Section 7-1-103;(6)(c) an industrial bank, as defined in Section 7-1-103;(6)(d) a savings and loan association, as defined in Section 7-1-103; or(6)(e) a subsidiary of an entity described in Subsections (6)(a) through (d).