31A-6b-102. Definitions.
(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.
(2) For purposes of this chapter: "Administrative functions" includes providing: document development, processing, and management; data processing and support; compliance services; waiver fee processing; benefit determination; technology support; or personnel support. "Administrator" means a person who provides administrative functions related to a guaranteed asset protection waiver. "Borrower" means a person who under a finance agreement is: a debtor; a retail buyer; or a lessee. "Creditor" means a person who is: a lender in a loan or credit transaction; a retail seller of a vehicle that provides credit to a retail buyer of the vehicle; a lessor in a lease transaction; a seller in a commercial retail installment transaction; or an assignee of a person listed in this Subsectionto whom a credit obligation is payable. (2)(d) "Finance agreement" means one or more of the following for the purchase or lease of a vehicle: a loan; a retail installment sales contract; or a lease. "Guaranteed asset protection waiver" means a contract for a separate charge: 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: a total physical damage loss; or unrecovered theft; and 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. "Preliminary period" means a time period that: begins the day on which a guaranteed asset protection waiver becomes effective; and 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. "Restricted account" means the Guaranteed Asset Protection Waiver Restricted Account created in Section. 31A-6b-204 "Vehicle" means a vehicle that is: self propelled or towed; and designed for personal or commercial use. "Vehicle" includes: an automobile; a truck; a motorcycle; a recreational vehicle; an all terrain vehicle; a snowmobile; a camper; a boat; a personal watercraft; or a trailer for a motorcycle, boat, camper, or personal watercraft.