As used in this chapter:

1. (1) "Administrative functions" means the same as that term is defined in Section 31A-6b-102.
2. (2) "Agreement administrator" means a person who provides administrative functions related to a vehicle value protection agreement.
3. (3) "Covered vehicle" means a vehicle that is covered under a vehicle value protection agreement.
4. (4) "Division" means the Division of Consumer Protection established in Section 13-2-102.
5. (5) "Finance agreement" means the same as that term is defined in Section 31A-6b-102.
6. (6) "Insurer" means the same as that term is defined in Section 31A-1-301.

7. (7) "Preliminary period" means a time period that:

   1. (a) begins the day on which the vehicle value protection agreement becomes effective; and
   2. (b) ends the last day on which the purchaser may cancel the vehicle value protection agreement with a full refund.
8. (8) "Provider" means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement.
9. (9) "Purchaser" means a person who purchases a benefit from another person under a vehicle value protection agreement.
10. (10) "Security" means the same as that term is defined in Section 31A-1-301.
11. (11) "Vehicle" means the same as that term is defined in Section 31A-6b-102.

12. (12)

    1. (a) "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:

       1. (i) the cash value of the covered vehicle when traded in for a replacement vehicle;
       2. (ii) the finance agreement for a replacement vehicle; or
       3. (iii) the purchase or lease price of a replacement vehicle.

    2. (b) "Vehicle value protection agreement" includes:

       1. (i) a vehicle trade-in agreement;
       2. (ii) a vehicle diminished value agreement;
       3. (iii) a vehicle cash down payment protection agreement; and
       4. (iv) a vehicle depreciation benefit agreement.

    3. (c) "Vehicle value protection agreement" does not include:

       1. (i) insurance or an insurance contract regulated under Title 31A, Insurance Code;
       2. (ii) a guaranteed asset protection waiver, as defined in Section 31A-6b-102;
       3. (iii) a debt cancellation agreement, as defined in Section 31A-21-109; or
       4. (iv) a debt suspension contract, as defined in Section 31A-21-109.

Amended by Chapter 95, 2026 General Session