30-14-152. Definitions. As used in 30-14-151 through 30-14-157, the following definitions apply:
     (1) "Administrator" means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.
     (2) "Borrower" means a debtor, retail buyer, or lessee under a finance agreement.
     (3) "Creditor" means:
     (a) the lender in a loan or credit transaction;
     (b) the lessor in a lease transaction;
     (c) a retail dealer of motor vehicles that provides credit to buyers as part of a retail sale, provided that the dealer complies with the provisions of 30-14-151 through 30-14-157;
     (d) the seller in commercial retail installment transactions; or
     (e) the assignees of any of the persons set out in subsections (3)(a) through (3)(d) to whom the credit obligation is payable.
     (4) "Finance agreement" means a loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle.
     (5) "Free look period" means the period of time from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower. The period of time may not be less than 30 days.
     (6) "Guaranteed asset protection waiver" or "GAP waiver" means a contractual agreement that is part of or a separate addendum to the finance agreement in which a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of a motor vehicle.
     (7) "Insurer" means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.
     (8) "Motor vehicle" means a self-propelled or towed vehicle designed for personal or commercial use, including but not limited to an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, and personal watercraft and a trailer used to transport a motorcycle, boat, camper, or personal watercraft.
     (9) "Person" includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.

     History: En. Sec. 2, Ch. 313, L. 2013.