Bill > SB0216

This bill establishes the Vehicle Value Protection Agreement Act, which regulates vehicle value protection agreements in Utah. The key provisions include: 1. Defining terms such as "vehicle value protection agreement," "provider," and "purchaser." 2. Requiring vehicle value protection agreements to include specific disclosures, including the provider's contact information, the agreement's terms and conditions, and the purchaser's right to cancel the agreement during a preliminary period. 3. Mandating that providers either obtain contractual liability insurance, maintain a funded reserve account, or have a certain net worth to ensure they can fulfill their obligations under the agreements. 4. Allowing purchasers to cancel the agreement during the preliminary period and receive a full or partial refund, and providing rules for when providers can cancel the agreement. 5. Granting the Division of Consumer Protection the authority to administer and enforce the Act, including the ability to impose fines and civil penalties for violations. The bill takes effect on May 3, 2023, except for the amendments to the existing law, which take effect on December 31, 2023.

Business and Industry, Transportation and Infrastructure

https://le.utah.gov/~2023/bills/static/SB0216.html