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2025 Utah Code
Title 13 - Commerce and Trade
Chapter 64 - Vehicle Value Protection Agreement Act
Part 1 - General Provisions
Section 101 - Definitions.
Universal Citation:
UT Code § 13-64-101 (2025)
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Effective 5/3/2023
13-64-101. Definitions.
As used in this chapter:
Enacted by Chapter 509, 2023 General Session
Technically renumbered to avoid duplication of newly enacted Chapter also in HB 18, Chapter 31, HB 311, Chapter 477, HB 449, Chapter 298, SB 152, Chapter 498, SB 225, Chapter 377, and SB 274, Chapter 536.
13-64-101. Definitions.
As used in this chapter:
- (1) "Administrative functions" means the same as that term is defined in Section 31A-6b-102.
- (2) "Agreement administrator" means a person who provides administrative functions related to a vehicle value protection agreement.
- (3) "Covered vehicle" means a vehicle that is covered under a vehicle value protection agreement.
- (4) "Division" means the Division of Consumer Protection established in Section 13-2-1.
- (5) "Finance agreement" means the same as that term is defined in Section 31A-6b-102.
- (6) "Insurer" means the same as that term is defined in Section 31A-1-301.
- (7) "Preliminary period" means a time period that:
- (a) begins the day on which the vehicle value protection agreement becomes effective; and
- (b) ends the last day on which the purchaser may cancel the vehicle value protection agreement with a full refund.
- (8) "Provider" means a person who is obligated to provide a benefit to another person under a vehicle value protection agreement.
- (9) "Purchaser" means a person who purchases a benefit from another person under a vehicle value protection agreement.
- (10) "Security" means the same as that term is defined in Section 31A-1-301.
- (11) "Vehicle" means the same as that term is defined in Section 31A-6b-102.
- (12)
- (a) "Vehicle value protection agreement" means an agreement for a separate charge between a provider and purchaser under which the provider agrees to, upon damage, total loss, or unrecovered theft of the purchaser's covered vehicle, provide a benefit to the purchaser that may be applied to:
- (i) the cash value of the covered vehicle when traded in for a replacement vehicle;
- (ii) the finance agreement for a replacement vehicle; or
- (iii) the purchase or lease price of a replacement vehicle.
- (b) "Vehicle value protection agreement" includes:
- (i) a vehicle trade-in agreement;
- (ii) a vehicle diminished value agreement;
- (iii) a vehicle cash down payment protection agreement; and
- (iv) a vehicle depreciation benefit agreement.
- (c) "Vehicle value protection agreement" does not include:
- (i) insurance or an insurance contract regulated under Title 31A, Insurance Code;
- (ii) a guaranteed asset protection waiver, as defined in Section 31A-6b-102;
- (iii) a debt cancellation agreement, as defined in Section 31A-21-109; or
- (iv) a debt suspension contract, as defined in Section 31A-21-109.
- (a) "Vehicle value protection agreement" means an agreement for a separate charge between a provider and purchaser under which the provider agrees to, upon damage, total loss, or unrecovered theft of the purchaser's covered vehicle, provide a benefit to the purchaser that may be applied to:
Enacted by Chapter 509, 2023 General Session
Technically renumbered to avoid duplication of newly enacted Chapter also in HB 18, Chapter 31, HB 311, Chapter 477, HB 449, Chapter 298, SB 152, Chapter 498, SB 225, Chapter 377, and SB 274, Chapter 536.
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