                                 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.