13-64-101. Definitions.
As used in this chapter:
(1) "Administrative functions" means the same as that term is defined in Section. 31A-6b-102
(2) "Agreement administrator" means a person who provides administrative functions related to a vehicle value protection agreement.
(3) "Covered vehicle" means a vehicle that is covered under a vehicle value protection agreement.
(4) "Division" means the Division of Consumer Protection established in Section. 13-2-102
(5) "Finance agreement" means the same as that term is defined in Section. 31A-6b-102
(6) "Insurer" means the same as that term is defined in Section. 31A-1-301
(7) "Preliminary period" means a time period that: begins the day on which the vehicle value protection agreement becomes effective; and ends the last day on which the purchaser may cancel the vehicle value protection agreement with a full refund.
(8) "Provider" means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement.
(9) "Purchaser" means a person who purchases a benefit from another person under a vehicle value protection agreement.
(10) "Security" means the same as that term is defined in Section. 31A-1-301
(11) "Vehicle" means the same as that term is defined in Section. 31A-6b-102
(12) "Vehicle value protection agreement" means an agreement for a separate charge between a provider and purchaser under which the provider agrees to, upon damage, total loss, or unrecovered theft of the purchaser's covered vehicle, provide a benefit to the purchaser that may be applied to: the cash value of the covered vehicle when traded in for a replacement vehicle; the finance agreement for a replacement vehicle; or the purchase or lease price of a replacement vehicle. "Vehicle value protection agreement" includes: a vehicle trade-in agreement; a vehicle diminished value agreement; a vehicle cash down payment protection agreement; and a vehicle depreciation benefit agreement. "Vehicle value protection agreement" does not include: insurance or an insurance contract regulated under; Title 31A, Insurance Code a guaranteed asset protection waiver, as defined in Section; 31A-6b-102 a debt cancellation agreement, as defined in Section; or 31A-21-109 a debt suspension contract, as defined in Section. 31A-21-109