Utah Code 31A-6b-201. Persons who may provide a guaranteed asset protection waiver — Requirement to be licensed or registered
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(1) Except as provided in Subsection (2), on and after July 1, 2010, a person may not sell, offer to sell, or otherwise provide a guaranteed asset protection waiver to a borrower in this state unless the person:
Terms Used In Utah Code 31A-6b-201
- Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
- 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
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Individual: means a natural person. See Utah Code 31A-1-301
- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- 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- producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
- Sell: means to exchange a contract of insurance:
(179)(a) by any means;(179)(b) for money or its equivalent; and(179)(c) on behalf of an insurance company. See Utah Code 31A-1-301(1)(a)(1)(a)(i) is:(1)(a)(i)(A) a creditor; or(1)(a)(i)(B) an administrator; and(1)(a)(ii) is registered in accordance with this part; or(1)(b)(1)(b)(i) is an individual who sells vehicles at retail; and(2)(2)(a) Subject to the other provisions of this Subsection (2), an entity retail seller of a vehicle may sell, offer to sell, or otherwise provide a guaranteed asset protection waiver to a borrower without being registered under this chapter if the retail seller assigns finance agreements within 90 days.(2)(b) The commissioner may assess each retail seller described in Subsection (2)(a) that is located in this state an annual assessment in accordance with this Subsection (2).(2)(c) The commissioner may assess an annual assessment under this section only if the fees received by the commissioner under Section 31A-6b-202 do not equal or exceed $100,000.(2)(d) The commissioner shall determine the amount of the annual assessment under this section in accordance with Section 31A-3-103, except that:(2)(d)(i) the annual assessment may not exceed $50; and(2)(d)(ii) the commissioner may not impose an amount that would reasonably be expected to result in the commissioner receiving in excess of $100,000 in a fiscal year from the aggregate of:(2)(d)(ii)(A) the fees received under Section 31A-6b-202; and(2)(d)(ii)(B) the annual assessments under this section.(2)(e) The commissioner shall deposit an annual assessment collected under this section into the restricted account.