Definitions
This law sets up definitions for a specific type of car contract. A 'vehicle value protection agreement' is a contract that helps a car owner get money when something bad happens to their car — like if it gets stolen, damaged, or loses value. The money can go toward paying off a car loan balance or buying a new car. The law also defines who runs these agreements (the 'administrator'), who buys them (the 'contract holder'), and who is responsible for paying out the benefits (the 'provider').
407.2060. Definitions. — For purposes of sections 407.2060 to 407.2075, the following terms mean:
(1) "", any person who is responsible for the or operational functions of s including, but not limited to, the of or requests by s;
(2) "Contract holder", a person who is the purchaser or of a vehicle value protection agreement;
(3) "", a person who is to provide a benefit under a vehicle value protection agreement. A provider may perform as an administrator or retain the services of a ;
(4) "Vehicle value protection agreement", a contractual agreement that:
(a) Provides a benefit toward the reduction of some or all of the contract holder's current or toward the purchase or of a replacement motor vehicle or motor vehicle services upon the of an to the motor vehicle including, but not limited to, loss, theft, damage, , , or ;
(b) Does not include debt waivers; and
(c) May include agreements such as, but not limited to, trade-in- agreements, diminished value agreements, depreciation benefit agreements, or other similarly named agreements.
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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.