1. (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. (2) For purposes of this chapter:

   1. (a) "Administrative functions" includes providing:

      1. (i) document development, processing, and management;
      2. (ii) data processing and support;
      3. (iii) compliance services;
      4. (iv) waiver fee processing;
      5. (v) benefit determination;
      6. (vi) technology support; or
      7. (vii) personnel support.
   2. (b) "Administrator" means a person who provides administrative functions related to a guaranteed asset protection waiver.

   3. (c) "Borrower" means a person who under a finance agreement is:

      1. (i) a debtor;
      2. (ii) a retail buyer; or
      3. (iii) a lessee.

   4. (d) "Creditor" means a person who is:

      1. (i) a lender in a loan or credit transaction;
      2. (ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;
      3. (iii) a lessor in a lease transaction;
      4. (iv) a seller in a commercial retail installment transaction; or
      5. (v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.

   5. (e) "Finance agreement" means one or more of the following for the purchase or lease of a vehicle:

      1. (i) a loan;
      2. (ii) a retail installment sales contract; or
      3. (iii) a lease.

   6. (f) "Guaranteed asset protection waiver" means a contract for a separate charge:

      1. (i) 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:

         1. (A) a total physical damage loss; or
         2. (B) unrecovered theft; and
      2. (ii) 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.

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

      1. (i) begins the day on which a guaranteed asset protection waiver becomes effective; and
      2. (ii) 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.
   8. (h) "Restricted account" means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204.

   9. (i)

      1. (i) "Vehicle" means a vehicle that is:

         1. (A) self propelled or towed; and
         2. (B) designed for personal or commercial use.

      2. (ii) "Vehicle" includes:

         1. (A) an automobile;
         2. (B) a truck;
         3. (C) a motorcycle;
         4. (D) a recreational vehicle;
         5. (E) an all terrain vehicle;
         6. (F) a snowmobile;
         7. (G) a camper;
         8. (H) a boat;
         9. (I) a personal watercraft; or
         10. (J) a trailer for a motorcycle, boat, camper, or personal watercraft.

Enacted by Chapter 274, 2010 General Session