                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-6400)

As used in this chapter, unless the context requires another
meaning:		&#8220;Administrator&#8221; means a person, other than an insurer or
creditor, that performs administrative or operational functions pursuant to a
guaranteed asset protection waiver program.		&#8220;Borrower&#8221; means a
debtor, retail buyer, or lessee, under a finance agreement.		&#8220;Commercial
transaction&#8221; means a transaction entered into primarily for a purpose
other than personal, family, or household purposes.		&#8220;Creditor&#8221;
means:

1. The lender in a loan or credit transaction;

2. The lessor in a lease transaction;

3. The seller in a commercial retail installment transaction; or

4. The assignees of any person described in subdivision 1, 2, or 3 to whom the
credit obligation is payable.
			&#8220;Finance agreement&#8221; means (i) a loan secured by a lien on a motor
vehicle or (ii) a lease or retail installment sales contract for the lease or
purchase of a motor vehicle.			&#8220;Free look period&#8221; means the period
of time from the effective date of the guaranteed asset protection waiver until
the date the borrower may cancel the borrower&#8217;s finance agreement without
penalty, fees, or costs to the borrower. This period of time shall not be
shorter than 30 days.			&#8220;Guaranteed asset protection waiver&#8221; or
&#8220;GAP waiver&#8221; 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&#8217;s finance agreement in the event of a total physical damage loss
or unrecovered theft of a motor vehicle, which agreement is part of, or a
separate addendum to, the finance agreement.			&#8220;Insurer&#8221; means an
insurance company licensed, registered, or otherwise authorized to do business
under the laws of the Commonwealth.			&#8220;Motor vehicle&#8221; means any
self-propelled or towed vehicle designed for personal or commercial use,
including any automobile, truck, motorcycle, off-road vehicle, all-terrain
vehicle, recreational vehicle, snowmobile, camper, boat, personal watercraft,
and motorcycle, boat, camper, or personal watercraft trailer.			&#8220;Retail
buyer&#8221; means a person who buys motor vehicles not principally for the
purpose of resale.			&#8220;Retail seller&#8221; means person that is regularly
engaged in the selling of motor vehicles to retail buyers and that holds any
necessary license to sell a motor vehicle to a retail buyer.

HISTORY: 2019, cc. 799, 800.