North Carolina § 66-440 - Definitions.

§ 66-440. Definitions.

The following definitions apply in this Article: Administrator. - A person that performs administrative or operational functions with respect to guaranteed asset protection waivers. Borrower. - A debtor, retail buyer, or lessee under a vehicle finance agreement. Creditor. - Any of the following: A lender in a loan or credit transaction. A lessor in a lease transaction. A vehicle dealer, including a motor vehicle dealer as that term is defined in G.S. 20-286(11), that provides credit to or arranges financing for a purchaser of a vehicle. A seller in a commercial retail installment transaction. An assignee of any of the foregoing to whom the credit obligation is payable. Free-look period. - The period of time from the effective date of a guaranteed asset protection waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower. Guaranteed asset protection waiver. - A contractual agreement in which a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's vehicle finance agreement in the event of a total physical damage loss or unrecovered theft of the vehicle, which agreement shall be part of, or a separate addendum to, the vehicle finance agreement. Insurer. - An insurance company licensed, registered, or otherwise authorized to do business under Chapter 58 of the General Statutes. Vehicle. - A motor vehicle, as that term is defined in G.S. 20-286(10), as well as 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 trailers for motorcycles, boats, campers, and personal watercraft. Vehicle finance agreement. - A loan, lease, or retail installment sales contract for the purchase or lease of a vehicle. History (2013-193, s. 1.) Editor's Note. - Session Laws 2013-193, s. 2, made Article 46 by Session Laws 2013-193, s. 1, effective October 1, 2013, and applicable to guaranteed asset protection waivers entered into on or after that date.