§ 4-90-507. Termination and refunds
No motor vehicle service contract may be issued, sold, or offered for sale or delivery in this state unless the service contract conspicuously states that the holder is allowed to cancel the service contract: (1) Within thirty (30) days of its purchase, if no claim has been made, and receive a full refund of the […]
§ 4-90-509. Rulemaking power
(a) The Insurance Commissioner may adopt such administrative rules as are necessary to implement the provisions of this subchapter. (b) The commissioner may promulgate rules providing for the filing with the commissioner of motor vehicle service contract forms by motor vehicle service contract providers and warrantors under § 4-90-504 if rules do not require the […]
§ 4-90-510. Investigations and enforcement
(a) The Insurance Commissioner is authorized to conduct such investigations of the motor vehicle service contract and theft protection program business of any motor vehicle service contract provider or warrantor and of any person assisting the motor vehicle service contract provider or warrantor in the conduct of such business as the commissioner may deem necessary. […]
§ 4-90-511. Unfair trade practices
Motor vehicle service contract providers and warrantors are subject to the Trade Practices Act, § 23-66-201 et seq., to the extent such act may be appropriately applied to motor vehicle service contract providers and warrantors given the nature of such contracts.
§ 4-90-412. Resale of returned nonconforming vehicle
(a) If a motor vehicle has been replaced or repurchased by a manufacturer as the result of a court judgment, an arbitration award, or any voluntary agreement entered into between a manufacturer or a manufacturer through its authorized dealer and a consumer that occurs after a consumer has notified the manufacturer of the consumer’s desire […]
§ 4-90-512. Form of service contracts and warranties
A motor vehicle service contract or theft protection program warranty shall not be issued that: (1) Is a violation of or does not comply with this subchapter, any specifically applicable provision of the Arkansas Insurance Code, or any applicable rule of the State Insurance Department; (2) Contains, or incorporates by reference when such incorporation is […]
§ 4-90-413. Affirmative defenses
It is an affirmative defense to any claim under this subchapter that: (1) The nonconformity, defect, or condition does not substantially impair the use, value, or safety of the motor vehicle; (2) The nonconformity, defect, or condition is the result of an accident, abuse, neglect, or unauthorized modification or alteration of the motor vehicle by […]
§ 4-90-701. Definition
As used in this subchapter, “debt cancellation agreement” means a loan term or contractual arrangement modifying a loan term dealing with motor vehicles under which a lender agrees to cancel all or part of a borrower’s obligation to repay an extension of credit from the lender upon the occurrence of a specified event other than […]
§ 4-90-414. Informal proceeding as precedent
(a) (1) Any manufacturer doing business in this state, entering into franchise agreements for the sale of its motor vehicles in this state, or offering express warranties on its motor vehicles sold or distributed for sale in this state, shall operate or participate in an informal dispute settlement proceeding located in the State of Arkansas […]
§ 4-90-702. Requiring borrower to purchase debt cancellation agreement prohibited
A lender shall not require a borrower to purchase a debt cancellation agreement.