Definitions

As used in this article 21, unless the context otherwise requires: (1) "Administrator" means the person that is responsible for the administrative or operational functions of a vehicle value protection agreement. These functions include the adjudication of benefit requests by contract holders. (2) "Contract holder" means a person that is the purchaser of or holder of a vehicle value protection agreement. (3) "Covered vehicle" means a vehicle that is the subject of a vehicle value protection agreement. (4) "Dealer" means: (a) A motor vehicle dealer as defined in section 44-20-102 (18); (b) A powersports vehicle dealer as defined in section 44-20-402 (12); (c) A used motor vehicle dealer as defined in section 44-20-102 (26); or (d) A used powersports vehicle dealer as defined in section 44-20-402 (20). (5) "Finance agreement" means a loan agreement for the purchase or refinancing of a vehicle; a retail installment sales contract for the purchase, refinancing, or lease of a vehicle; or an agreement to lease a vehicle. (6) "Insurer" means a licensed insurance company authorized to issue contractual liability insurance under title 10. (7) "Provider" means a person that is obligated to provide a benefit in accordance with a vehicle value protection agreement. (8) "Secure bill of sale" is an agreement between a dealer and a contract holder that: (a) Identifies the vehicle by year, make, and VIN or by other identifying information; (b) Shows the time and date of sale; and (c) Is signed by both the buyer and the seller. (9) "Vehicle" means: (a) A motor vehicle as defined in section 42-1-102 (58); (b) A powersports vehicle as defined in section 44-20-402 (11); (c) A camper coach as defined in section 42-1-102 (13); or (d) A camper trailer as defined in section 42-1-102 (14). (10) (a) "Vehicle value protection agreement" means a contractual agreement between a provider and a contract holder that provides benefits applied toward: (I) The value of the contract holder's covered vehicle upon the occurrence of the following: (A) An adverse event, including damage incurred and reported on a vehicle history report, causing the covered vehicle to decrease in value; (B) The total loss or unrecovered theft of the covered vehicle that, at the time of the loss or theft, had decreased in value compared to the value of the vehicle at the time it was purchased; or (C) Events covered by a contractual agreement between a dealer and a contract holder that provide the contract holder a loyalty benefit when the contract holder returns to the dealer to purchase or lease a replacement vehicle after a total loss, unrecovered theft, or trade-in of the covered vehicle; or (II) The finance agreement for or secure bill of sale on a replacement vehicle upon the occurrence of an event described in subsections (10)(a)(I)(A) to (10)(a)(I)(C) of this section. (b) "Vehicle value protection agreement" includes a trade-in agreement, diminished value agreement, cash down payment protection agreement, or depreciation benefit agreement. (c) "Vehicle value protection agreement" does not include a debt waiver or a motor vehicle service contract as defined in section 42-11-101 (3).