Definitions

  1. Law
  2. Arkansas Code
  3. Business and Commercial Law
  4. Consumer Protection
  5. Automobiles
  6. Guaranteed Asset Protection Waivers
  7. Definitions

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As used in this subchapter:

  1. (1) “Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions under a guaranteed asset protection waiver program;

  2. (2) “Borrower” means a debtor, retail buyer, or lessee under a finance agreement;

  3. (3) “Creditor” means:

    1. (A) A lender in a loan or credit transaction;

    2. (B) A lessor in a lease transaction;

    3. (C) Any retail seller in a retail installment transaction;

    4. (D) A seller in a commercial retail installment transaction; or

    5. (E) An assignee of any of the above to whom a credit obligation is payable;

  4. (4) “Finance agreement” means a loan, lease, or retail installment sales contract for the purchase or lease of a motor vehicle;

  5. (5) “Free look period” means the period of time, not less than thirty (30) days, from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the contract without imposition of a penalty, fee, or cost to the borrower;

  6. (6) “Guaranteed asset protection waiver” means a contractual agreement wherein a creditor, for a separate charge, agrees to cancel or waive all or part of the amount due on a borrower's finance agreement with the creditor in the case of a total physical damage loss or unrecovered theft of the motor vehicle, and the contractual agreement is part of or a separate addendum to the borrower's finance agreement;

  7. (7) “Insurer” means an insurance company that is licensed, registered, or otherwise authorized to do business under the insurance laws of this state;

  8. (8) “Motor vehicle” means a self-propelled or towed vehicle designed for personal or commercial use, including without limitation:

    1. (A) An automobile;

    2. (B) A truck;

    3. (C) A motorcycle;

    4. (D) A recreational vehicle;

    5. (E) An all-terrain vehicle;

    6. (F) A snowmobile;

    7. (G) A camper;

    8. (H) A boat;

    9. (I) A personal watercraft;

    10. (J) A motorcycle trailer;

    11. (K) A boat trailer;

    12. (L) A camper trailer; and

    13. (M) A personal watercraft trailer;

  9. (9) “Person” means an individual, company, association, organization, partnership, business trust, corporation, or any other form of legal entity;

  10. (10) “Retail buyer” means a person who buys or agrees to buy a motor vehicle; and

  11. (11) “Retail seller” means a motor vehicle dealer that sells, or offers to sell, a motor vehicle.


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