17:16BB-2 Definitions relative to guaranteed asset protection waivers.
2. As used in this act:
"Administrator" means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to a guaranteed asset protection waiver program.
"Borrower" means a debtor, retail buyer or lessee, under a finance agreement.
"Commissioner" means the Commissioner of Banking and Insurance.
"Creditor" means:
(1) the lender in a loan or credit transaction;
(2) the lessor in a lease transaction;
(3) a dealer of motor vehicles that provides credit to retail buyers of motor vehicles, provided that the dealer complies with the provisions of this act;
(4) the seller in commercial retail installment sales transactions; or
(5) the assignees of any of the foregoing to whom the credit obligation is payable.
"Department" means the Department of Banking and Insurance.
"Finance agreement" means a loan, lease or retail installment sales contract for the purchase or lease of a motor vehicle.
"Free look period" means the period of time from the effective date of the GAP waiver until the date the borrower may cancel the contract without penalty, fees or costs to the borrower, which period shall not be less than 30 days.
"Guaranteed asset protection waiver" or "GAP waiver" means a contractual agreement wherein a creditor agrees for a separate charge to cancel or waive all or part of the amount due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle, which agreement shall be part of, or a separate addendum to, the finance agreement.
"Insurer" means an insurance company licensed, registered, or otherwise authorized to do business under the laws of this State.
"Motor vehicle" means 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 motorcycle, boat, camper and personal watercraft trailers.
"Person" includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.
The terms defined in this section are defined for purposes of this act and are not intended to provide actual terms required in guaranteed asset protection waivers.
L.2017, c.82, s.2.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.