{"data":{"id":"us-ut/utah-code-31a-6b-303","jurisdiction":"us-ut","citation":"Utah Code § 31A-6b-303","heading":"Cancellation or termination of a guaranteed asset protection waiver.","body":"(1)\n(a) A borrower may cancel a guaranteed asset protection waiver in accordance with this section.\n(b) A borrower may not waive by contract the borrower's right to cancel a guaranteed asset protection waiver in accordance with this section.\n(c) A guaranteed asset protection waiver terminates on the day on which the related finance agreement terminates.\n(2)\n(a) A guaranteed asset protection waiver shall provide for a preliminary period of at least 30 days.\n(b) If a borrower cancels a guaranteed asset protection waiver or if a guaranteed asset protection waiver terminates within the preliminary period, the borrower is entitled to a refund of the charge for the guaranteed asset protection waiver as follows:\n(i) if benefits have not been provided, a full refund; or\n(ii) if benefits have been provided, a refund to the extent provided for in the guaranteed asset protection waiver.\n(3)\n(a) If a guaranteed asset protection waiver is cancelled by the borrower or terminates after the preliminary period, to obtain a refund of any portion of the charge for the guaranteed asset protection waiver, the borrower shall request the refund:\n(i) in a writing provided to:\n(A) the creditor;\n(B) an administrator; or\n(C) another person designated in the guaranteed asset protection waiver;\n(ii) within 90 days of the day on which an event occurs that terminates the finance agreement if the refund is sought on the basis of termination of a finance agreement; and\n(iii) in accordance with any additional terms in the guaranteed asset protection waiver.\n(b) If a guaranteed asset protection waiver is cancelled by the borrower or terminates after the preliminary period, but before the term of the finance agreement ends, a borrower is entitled to a refund:\n(i) of the portion of the charge for the guaranteed asset protection waiver that under the terms of the guaranteed asset protection waiver is considered unearned; and\n(ii) subject to any other terms of the guaranteed asset protection waiver.\n(4)\n(a) If the cancellation of a guaranteed asset protection waiver occurs as a result of any of the following, a refund may be paid directly to the creditor or administrator and applied as provided in Subsection (4)(b):\n(i) a default under the finance agreement;\n(ii) the repossession of the vehicle associated with the finance agreement; or\n(iii) any other type of termination of the finance agreement or guaranteed asset protection waiver.\n(b) A creditor may apply a refund described in this Subsection (4) to reduce the amount owed under a finance agreement, unless the borrower can show that the finance agreement is paid in full.","path":["Title 31A Insurance Code","Chapter 31A-6b Guaranteed Asset Protection Waiver Act","Part 31A-6b-3 Requirements for a Guaranteed Asset Protection Waiver"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter6b/31A-6b-S303.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"4b748ee3ddbfc22089d6e2b568730a18f3bfff3703ee56594f15566e59c0ec05","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-6b-302","next":"us-ut/utah-code-31a-6b-401"},"notice":"GroundRules: Original legal text. Not legal advice."}