45-1103 Terms, defined. - Nebraska Statutes

45-1103. Terms, defined.For purposes of theGuaranteed Asset Protection Waiver Act:(1) Borrowermeans a debtor, retail buyer, or lessee under a finance agreement;(2) Creditormeans:(a) The lender in a loan or credit transaction involving a motorvehicle;(b) The lessor in a lease transaction involving a motor vehicle;(c) Any retailseller of motor vehicles that provides credit to retail buyers of such motorvehicles if such entities comply with the provisions of the act; or(d) The assigneesof any of the foregoing to whom the credit obligation is payable;(3) Creditor's designeemeans a person other than the creditor that performs administrative or operationalfunctions pursuant to a guaranteed asset protection waiver program;(4) Financeagreement means a loan, credit transaction, lease, or retail installment salescontract for the purchase or lease of a motor vehicle;(5) Financial institutionhas the same meaning as in section 8-101;(6) Free-look period means the period oftime from the effective date of the guaranteed asset protection waiver untilthe date the borrower may cancel the contract without penalty, fees, or coststo the borrower. This period of time must not be shorter than thirty days;(7) Guaranteedasset protection waiver means a contractual agreement wherein a creditor orthe creditor's designee agrees, for a separate charge, to cancel or waiveall or part of amounts due on a borrower's finance agreement in the eventof a total physical damage loss as determined by the insurer issuing the motorvehicle insurance policy subject to the terms of the waiver or unrecoveredtheft as determined by the insurer issuing the motor vehicle insurance policysubject to the terms of the waiver of the motor vehicle, which agreement mustbe part of, or a separate addendum to, the finance agreement. If a borrowerdoes not have motor vehicle insurance, the creditor or the creditor's designeewill accept a report prepared pursuant to insurance industry standards bya qualified inspector declaring the motor vehicle a total loss or a law enforcementreport declaring the motor vehicle an unrecovered theft. Nothing in the actshall be construed to require the waiver to pay more than the amount thatwould have been paid if the borrower had motor vehicle insurance at the timeof loss;(8) Motor vehicle means self-propelled or towed vehicles designedfor personal or commercial use, including, but not limited to, automobiles,trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles,campers, boats, personal watercraft, and motorcycle, boat, camper, and personalwatercraft trailers; and(9) Person includes an individual, company, association, organization,partnership, business trust, corporation, and every form of legal entity. SourceLaws 2010, LB571, § 3.