Section 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: (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(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:(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: (ii) a retail installment sales contract; or(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: (D) a recreational vehicle;(E) an all terrain vehicle;(I) a personal watercraft; or(J) a trailer for a motorcycle, boat, camper, or personal watercraft.Enacted by Chapter 274, 2010 General Session.