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 13-2-102.
(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.