For purposes of sections 407.2030 to 407.2055, the following terms mean:
(1) "Administrator", any person, other than an insurer or creditor, who performs administrative or operational functions for debt waiver programs;
(2) "Borrower", a debtor or retail buyer or lessee under a finance agreement;
(3) "Creditor":
(a) The lender in a loan or credit transaction;
(b) The lessor in a lease transaction;
(c) Any retail seller of motor vehicles;
(d) The seller in commercial retail installment transactions; or
(e) The assignee of any person described in paragraphs (a) to (d) of this subdivision to whom the credit obligation is payable;
(4) "Debt waiver", any guaranteed asset protection waiver or excess wear and use waiver;
(5) "Excess wear and use waiver", a contractual agreement in which a creditor agrees, with or without a separate charge, to cancel or waive all or part of amounts that may become due under a borrower's lease agreement as a result of excessive wear and use of a motor vehicle, which agreement shall be part of, or a separate addendum to, the lease agreement. Excess wear and use waivers may also cancel or waive amounts due for excess mileage;
(6) "Guaranteed asset protection waiver", a contractual agreement in which a creditor agrees, with or without a separate charge, to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle, which agreement shall be part of, or a separate addendum to, the finance agreement. A guaranteed asset protection waiver may also provide, with or without a separate charge, a benefit that waives an amount, or provides a borrower with a credit, toward the purchase of a replacement motor vehicle.