(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.

(2) For purposes of this chapter: (a) "Administrative functions" includes providing: (i) document development, processing, and management; (ii) data processing and support; (iii) compliance services; (iv) waiver fee processing; (v) benefit determination; (vi) technology support; or (vii) personnel support. (b) "Administrator" means a person who provides administrative functions related to a guaranteed asset protection waiver. (c) "Borrower" means a person who under a finance agreement is: (i) a debtor; (ii) a retail buyer; or (iii) a lessee. (d) "Creditor" means a person who is: (i) a lender in a loan or credit transaction; (ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle; (iii) a lessor in a lease transaction; (iv) a seller in a commercial retail installment transaction; or (v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable. (e) "Finance agreement" means one or more of the following for the purchase or lease of a vehicle: (i) a loan; (ii) a retail installment sales contract; or (iii) a lease. (f) "Guaranteed asset protection waiver" means a contract for a separate charge: (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: (A) a total physical damage loss; or (B) unrecovered theft; and (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. (g) "Preliminary period" means a time period that: (i) begins the day on which a guaranteed asset protection waiver becomes effective; and (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. (h) "Restricted account" means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204. (i) (i) "Vehicle" means a vehicle that is: (A) self propelled or towed; and (B) designed for personal or commercial use. (ii) "Vehicle" includes: (A) an automobile; (B) a truck; (C) a motorcycle; (D) a recreational vehicle; (E) an all terrain vehicle; (F) a snowmobile; (G) a camper; (H) a boat; (I) a personal watercraft; or (J) a trailer for a motorcycle, boat, camper, or personal watercraft.

(a) "Administrative functions" includes providing: (i) document development, processing, and management; (ii) data processing and support; (iii) compliance services; (iv) waiver fee processing; (v) benefit determination; (vi) technology support; or (vii) personnel support.

(i) document development, processing, and management;

(ii) data processing and support;

(iii) compliance services;

(iv) waiver fee processing;

(v) benefit determination;

(vi) technology support; or

(vii) personnel support.

(b) "Administrator" means a person who provides administrative functions related to a guaranteed asset protection waiver.

(c) "Borrower" means a person who under a finance agreement is: (i) a debtor; (ii) a retail buyer; or (iii) a lessee.

(i) a debtor;

(ii) a retail buyer; or

(iii) a lessee.

(d) "Creditor" means a person who is: (i) a lender in a loan or credit transaction; (ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle; (iii) a lessor in a lease transaction; (iv) a seller in a commercial retail installment transaction; or (v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.

(i) a lender in a loan or credit transaction;

(ii) a retail seller of a vehicle that provides credit to a retail buyer of the vehicle;

(iii) a lessor in a lease transaction;

(iv) a seller in a commercial retail installment transaction; or

(v) an assignee of a person listed in this Subsection (2)(d) to whom a credit obligation is payable.

(e) "Finance agreement" means one or more of the following for the purchase or lease of a vehicle: (i) a loan; (ii) a retail installment sales contract; or (iii) a lease.

(i) a loan;

(ii) a retail installment sales contract; or

(iii) a lease.

(f) "Guaranteed asset protection waiver" means a contract for a separate charge: (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: (A) a total physical damage loss; or (B) unrecovered theft; and (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.

(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: (A) a total physical damage loss; or (B) unrecovered theft; and

(A) a total physical damage loss; or

(B) unrecovered theft; and

(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.

(g) "Preliminary period" means a time period that: (i) begins the day on which a guaranteed asset protection waiver becomes effective; and (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.

(i) begins the day on which a guaranteed asset protection waiver becomes effective; and

(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.

(h) "Restricted account" means the Guaranteed Asset Protection Waiver Restricted Account created in Section 31A-6b-204.

(i) (i) "Vehicle" means a vehicle that is: (A) self propelled or towed; and (B) designed for personal or commercial use. (ii) "Vehicle" includes: (A) an automobile; (B) a truck; (C) a motorcycle; (D) a recreational vehicle; (E) an all terrain vehicle; (F) a snowmobile; (G) a camper; (H) a boat; (I) a personal watercraft; or (J) a trailer for a motorcycle, boat, camper, or personal watercraft.

(i) "Vehicle" means a vehicle that is: (A) self propelled or towed; and (B) designed for personal or commercial use.

(A) self propelled or towed; and

(B) designed for personal or commercial use.

(ii) "Vehicle" includes: (A) an automobile; (B) a truck; (C) a motorcycle; (D) a recreational vehicle; (E) an all terrain vehicle; (F) a snowmobile; (G) a camper; (H) a boat; (I) a personal watercraft; or (J) a trailer for a motorcycle, boat, camper, or personal watercraft.

(A) an automobile;

(B) a truck;

(C) a motorcycle;

(D) a recreational vehicle;

(E) an all terrain vehicle;

(F) a snowmobile;

(G) a camper;

(H) a boat;

(I) a personal watercraft; or

(J) a trailer for a motorcycle, boat, camper, or personal watercraft.