Washington Code 48.22.110 – Vendor single-interest or collateral protection coverage — Definitions
Current as of: 2023 | Check for updates
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this section and RCW 48.22.115 through 48.22.135.
Terms Used In Washington Code 48.22.110
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) “Borrower” means a person who receives a loan or enters into a retail installment contract under chapter 63.14 RCW to purchase a motor vehicle or vessel in which the secured party holds an interest.
(2) “Motor vehicle” means a motor vehicle in this state subject to registration under *chapter 46.16 RCW, except motor vehicles governed by RCW 46.16A.170 or registered with the Washington utilities and transportation commission as common or contract carriers.
(3) “Secured party” means a person, corporation, association, partnership, or venture that possesses a bona fide security interest in a motor vehicle or vessel.
(4) “Vendor single-interest” or “collateral protection coverage” means insurance coverage insuring primarily or solely the interest of a secured party but which may include the interest of the borrower in a motor vehicle or vessel serving as collateral and obtained by the secured party or its agent after the borrower has failed to obtain or maintain insurance coverage required by the financing agreement for the motor vehicle or vessel. Vendor single-interest or collateral protection coverage does not include insurance coverage purchased by a secured party for which the borrower is not charged.
(5) “Vessel” means a vessel as defined in RCW 88.02.310 and includes personal watercraft as defined in RCW 79A.60.010.
NOTES:
Effective date—Intent—Legislation to reconcile chapter 161, Laws of 2010 and other amendments made during the 2010 legislative session—2010 c 161: See notes following RCW 46.04.013.
Effective date—1994 c 186 §§ 1-5: “Sections 1 through 5 of this act take effect January 1, 1995.” [ 1994 c 186 § 8.]