Utah Code § 13-64-101

Current through the 2024 Fourth Special Session

Section 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 13-2-1.

(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:

(a) begins the day on which the vehicle value protection agreement becomes effective; and

(b) 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)

(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:

(i) the cash value of the covered vehicle when traded in for a replacement vehicle;

(ii) the finance agreement for a replacement vehicle; or

(iii) the purchase or lease price of a replacement vehicle.

(b) "Vehicle value protection agreement" includes:

(i) a vehicle trade-in agreement;

(ii) a vehicle diminished value agreement;

(iii) a vehicle cash down payment protection agreement; and

(iv) a vehicle depreciation benefit agreement.

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

(i) insurance or an insurance contract regulated under Title 31A, Insurance Code;

(ii) a guaranteed asset protection waiver, as defined in Section 31A-6b-102;

(iii) a debt cancellation agreement, as defined in Section 31A-21-109; or

(iv) a debt suspension contract, as defined in Section 31A-21-109.

Utah Code § 13-64-101

Added by Chapter 509, 2023 General Session ,§ 3, eff. 5/3/2023 technically renumbered to avoid duplication.