Definitions
These are the definitions for words used in Missouri's motor vehicle financial protection laws. A 'consumer' is a person who buys or leases a motor vehicle or borrows money to do so. A 'motor vehicle financial protection product' is an agreement that protects a consumer's money in a vehicle — like if the car gets totaled and the person owes more than it's worth. A 'free-look period' is a window of at least 30 days after signing when a person can cancel the product with no fees.
407.2020. Definitions. — For purposes of sections 407.2020 to 407.2090, the following terms mean:
(1) "", a transaction involving a motor vehicle in which the motor vehicle will primarily be used for business purposes rather than personal purposes;
(2) "", an individual purchaser of a motor vehicle or a borrower under a . The term "consumer" includes any borrower, as defined in section 407.2030, or , as defined in section 407.2060, as applicable;
(3) "Finance agreement", a loan, , or for the purchase, refinancing, or lease of a motor vehicle;
(4) "", a period of time from the of the until the date the motor vehicle financial protection product may be without , fees, or costs. This period of time shall not be shorter than thirty days;
(5) "", an insurance company licensed, , or otherwise to under the insurance laws of this state;
(6) "Motor vehicle", any self-propelled or towed vehicle designed for personal or commercial use including, but not limited to, automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, , and related trailers;
(7) "Motor vehicle financial protection product", an agreement that protects a consumer's in his or her current or future motor vehicle. The term "motor vehicle financial protection product" includes any , as defined in section 407.2030, and any , as defined in section 407.2060;
(8) "Person", an individual, company, association, organization, , business trust, or , and every form of .
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Source & history notes
(L. 2023 S.B. 398)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.