§ 48.22.110. Vendor single-interest or collateral protection coverage -- Definitions
Unless the context clearly requires otherwise, the definitions in this section apply throughout this section and RCW 48.22.115 through 48.22.135.
(1) "Borrower" means a person who receives a loan or enters into a retail installment contract under chapter 63.14 RCW to purchase a motor vehicle or vessel in which the secured party holds an interest.
(2) "Motor vehicle" means a motor vehicle in this state subject to registration under chapter 46.16 RCW, except motor vehicles governed by RCW 46.16.020 or registered with the Washington utilities and transportation commission as common or contract carriers.
(3) "Secured party" means a person, corporation, association, partnership, or venture that possesses a bona fide security interest in a motor vehicle or vessel.
(4) "Vendor single-interest" or "collateral protection coverage" means insurance coverage insuring primarily or solely the interest of a secured party but which may include the interest of the borrower in a motor vehicle or vessel serving as collateral and obtained by the secured party or its agent after the borrower has failed to obtain or maintain insurance coverage required by the financing agreement for the motor vehicle or vessel. Vendor single-interest or collateral protection coverage does not include insurance coverage purchased by a secured party for which the borrower is not charged.
(5) "Vessel" means a vessel as defined in RCW 88.02.010 and includes personal watercraft as defined in RCW 79A.60.010.
[2003 c 248 § 10; 1994 c 186 § 1.]
Notes:
Effective date -- 1994 c 186 § § 1-5: "Sections 1 through 5 of this act take effect January 1, 1995." [1994 c 186 § 8.]
Sections: Previous 48.22.060 48.22.070 48.22.080 48.22.085 48.22.090 48.22.095 48.22.100 48.22.105 48.22.110 48.22.115 48.22.120 48.22.125 48.22.130 48.22.135 48.22.140 Next
Last modified: April 7, 2009