31A-6b-201 - Persons who may provide a guaranteed asset protection waiver -- Requirement to be licensed or registered. - Utah Statutes

31A-6b-201. Persons who may provide a guaranteed asset protection waiver --Requirement to be licensed or registered.
(1) Except as provided in Subsection (2), on and after July 1, 2010, a person may notsell, offer to sell, or otherwise provide a guaranteed asset protection waiver to a borrower in thisstate unless the person:
(a) (i) is:
(A) a creditor; or
(B) an administrator; and
(ii) is registered in accordance with this part; or
(b) (i) is an individual who sells vehicles at retail; and
(ii) holds a limited line producer license in accordance with Section 31A-23a-103.
(2) (a) Subject to the other provisions of this Subsection (2), an entity retail seller of avehicle may sell, offer to sell, or otherwise provide a guaranteed asset protection waiver to aborrower without being registered under this chapter if the retail seller assigns financeagreements within 90 days.
(b) The commissioner may assess each retail seller described in Subsection (2)(a) that islocated in this state an annual assessment in accordance with this Subsection (2).
(c) The commissioner may assess an annual assessment under this section only if the feesreceived by the commissioner under Section 31A-6b-202 do not equal or exceed $100,000.
(d) The commissioner shall determine the amount of the annual assessment under thissection in accordance with Section 31A-3-103, except that:
(i) the annual assessment may not exceed $50; and
(ii) the commissioner may not impose an amount that would reasonably be expected toresult in the commissioner receiving in excess of $100,000 in a fiscal year from the aggregate of:
(A) the fees received under Section 31A-6b-202; and
(B) the annual assessments under this section.
(e) The commissioner shall deposit an annual assessment collected under this sectioninto the restricted account.

Enacted by Chapter 274, 2010 General Session