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