The following are terms defined for purposes of this chapter and are not intended to provide actual terms required in guaranteed asset protection waivers:
“Administrator” means a person, other than an insurer or creditor, who issues, makes or provides a GAP waiver, or who performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.
“Borrower” means a debtor, retail buyer or lessee, under a finance agreement.
“Commissioner” means the Commissioner of Insurance for the State of Mississippi.
“Creditor” means:
The lender in a loan or credit transaction;
The lessor in a lease transaction;
Any “retail seller” of motor vehicles that provides credit to “retail buyers” of such motor vehicles provided that such entities comply with the provisions of this chapter;
The seller in commercial retail installment transactions; or
The assignees of any of the creditors listed in subparagraphs (i) through (iv) of this paragraph to whom the credit obligation is payable.
“Finance agreement” means a loan, lease or retail installment sales contract for the purchase or lease of a motor vehicle or any other credit extension secured by a motor vehicle.
“Free look period” means the period of time from the effective date of the GAP waiver until the date the borrower may cancel the contract without penalty, fees or costs to the borrower. This period of time shall not be shorter than thirty (30) days.
“Guaranteed asset protection waiver” or “GAP waiver” means a contractual agreement wherein a creditor agrees for a separate charge to cancel or waive, or an administrator agrees for a separate charge to pay, 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. A GAP waiver in which the creditor cancels or waives amount due shall be part of, or a separate addendum to, the finance agreement.
“Insurer” means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.
“Motor vehicle” means self-propelled or towed vehicles designed for 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 personal watercraft trailers.
“Person” includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.