(1) Except as provided in Subsection (2), a car-sharing program shall assume liability of a shared vehicle owner for bodily injury or property damage to third parties or personal injury protection losses during the car-sharing period in an amount stated in the car-sharing agreement, which amount may not be less than those set forth in Section 31A-22-304.
(2) Notwithstanding the definition of car-sharing termination time, the assumption of liability under Subsection (1) does not apply to a shared vehicle owner when:
(a) a shared vehicle owner makes an intentional or fraudulent material misrepresentation or omission to the car-sharing program before the car-sharing period in which the loss occurred; or
(b) acting in concert with a shared vehicle driver who fails to return the shared vehicle pursuant to the terms of the car-sharing agreement.
(3) Notwithstanding the definition of car-sharing termination time, the assumption of liability under Subsection (1) would apply to bodily injury, property damage, or personal injury protection losses by damaged third parties required by Section 31A-22-304.