{"data":{"id":"us-ut/utah-code-31a-6b-102","jurisdiction":"us-ut","citation":"Utah Code § 31A-6b-102","heading":"Definitions.","body":"(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.\n(2) For purposes of this chapter:\n(a) \"Administrative functions\" includes providing:\n(i) document development, processing, and management;\n(ii) data processing and support;\n(iii) compliance services;\n(iv) waiver fee processing;\n(v) benefit determination;\n(vi) technology support; or\n(vii) personnel support.\n(b) \"Administrator\" means a person who provides administrative functions related to a guaranteed asset protection waiver.\n(c) \"Borrower\" means a person who under a finance agreement is:\n(i) a debtor;\n(ii) a retail buyer; or\n(iii) a lessee.\n(d) \"Creditor\" means a person who is:\n(i) a lender in a loan or credit transaction;\n(ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;\n(iii) a lessor in a lease transaction;\n(iv) a seller in a commercial retail installment transaction; or\n(v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.\n(e) \"Finance agreement\" means one or more of the following for the purchase or lease of a vehicle:\n(i) a loan;\n(ii) a retail installment sales contract; or\n(iii) a lease.\n(f) \"Guaranteed asset protection waiver\" means a contract for a separate charge:\n(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:\n(A) a total physical damage loss; or\n(B) unrecovered theft; and\n(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.\n(g) \"Preliminary period\" means a time period that:\n(i) begins the day on which a guaranteed asset protection waiver becomes effective; and\n(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.\n(h) \"Restricted account\" means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204.\n(i)\n(i) \"Vehicle\" means a vehicle that is:\n(A) self propelled or towed; and\n(B) designed for personal or commercial use.\n(ii) \"Vehicle\" includes:\n(A) an automobile;\n(B) a truck;\n(C) a motorcycle;\n(D) a recreational vehicle;\n(E) an all terrain vehicle;\n(F) a snowmobile;\n(G) a camper;\n(H) a boat;\n(I) a personal watercraft; or\n(J) a trailer for a motorcycle, boat, camper, or personal watercraft.","path":["Title 31A Insurance Code","Chapter 31A-6b Guaranteed Asset Protection Waiver Act","Part 31A-6b-1 General Provisions"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter6b/31A-6b-S102.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"e7f37aa7d5cdc6653ac03d1955055ba25962b124c5df7098ecbe02ee3a6bec14","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-6b-101","next":"us-ut/utah-code-31a-6b-103"},"notice":"GroundRules: Original legal text. Not legal advice."}