{"data":{"id":"us-nc/n.c.-gen.-stat.-66-481","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 66-481","heading":"Definitions.","body":"The following definitions apply in this Article:\n(1)\tAdministrator. - The person responsible for the administrative or operational functions of vehicle value protection agreements, including, but not limited to, the adjudication of claims or benefit requests by contract holders.\n(2)\tCommercial. - A transaction wherein the motor vehicle will primarily be used for business purposes rather than personal.\n(3)\tContract holder. - A person who is the purchaser or holder of a vehicle value protection agreement.\n(4)\tFinance agreement. - A loan, retail installment sales contract, or lease for the purchase, refinancing, or lease of a motor vehicle.\n(5)\tFree-look period. - The period of time from the effective date of the vehicle value protection agreement until the date the vehicle value protection agreement may be canceled without penalty, fees, or costs.\n(6)\tInsurer. - An insurance company licensed, registered, or otherwise authorized to issue contractual liability insurance under the insurance laws of this State.\n(7)\tMotor vehicle. - Self-propelled or towed vehicles designed for personal or commercial use, including, but not limited to, automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, personal watercraft, and related trailers.\n(8)\tPerson. - Includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.\n(9)\tProvider. - A person that is obligated to provide a benefit under a vehicle value protection agreement.\n(10)\tVehicle value protection agreement. - Includes a contractual agreement that provides a benefit towards either the reduction of some or all of the contract holder's current finance agreement deficiency balance, or towards the purchase or lease of a replacement motor vehicle or purchase of motor vehicle services, upon the occurrence of an adverse event to the motor vehicle, including, but not limited to, a less than total physical damage loss or diminished value or depreciation. An agreement may include related agreements such as trade-in credit agreements, diminished value agreements, depreciation benefit agreements, or other similarly named agreements. The term does not include a guaranteed asset protection waiver as defined in G.S. 66-440(5). (2021-172, s. 3.)","path":["Chapter 66. Commerce and Business.","Article 49. Vehicle Value Protection Agreements."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_66/GS_66-481.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:07:52Z","sha256":"3519423d3881879e55ce96b7c3a36bc922a38d7f29b400e9967e384f65bd61ef","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-66-480","next":"us-nc/n.c.-gen.-stat.-66-482"},"notice":"GroundRules: Original legal text. Not legal advice."}