361-E:2 Definitions. –
I. In this chapter:
(a) "Administrator" means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.
(b) "Borrower" means any retail buyer, as defined in RSA 361-A:1, IX.
(c) "Creditor" means:
(1) Any retail seller, as defined in RSA 361-A:1, XII; or
(2) Any sales finance company, as defined in RSA 361-A:1, XIII; or
(3) The assignees of any of the foregoing to whom the credit obligation is payable.
(d) "Finance agreement" means a retail installment contract for the purchase of a motor vehicle governed by RSA 361-A.
(e) "Free look period" means the period of time from the effective date of the guaranteed asset protection (GAP) waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower.
(f) "Guaranteed asset protection waiver" or "GAP waiver" means a contractual agreement wherein a creditor agrees for 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.
(g) "Insurer" means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.
(h) "Motor vehicle" means a motor vehicle, as defined in RSA 361-A:1, VII.
(i) "Person" includes an individual, company, association, organization, partnership, business trust, corporation, limited liability company, and every other form of legal entity.
II. The terms defined in this section are not intended to provide actual terms required in guaranteed asset protection waivers.