§ 63-29-9. Warrantor required to prove financial solvency or be insured under warranty insurance policy meeting certain conditions
No vehicle protection product shall be sold or offered for sale in this state unless the vehicle protection product warrantor can prove financial solvency as provided under subsection (2) of this section or is insured under a warranty insurance policy meeting the following conditions in order to ensure adequate performance under the warranty: The warranty […]
§ 63-29-11. Warranty reimbursement insurance policy requirements
No warranty reimbursement insurance policy shall be issued, sold or offered for sale in this state unless the policy meets the following conditions: The policy states that the issuer of the policy will reimburse or pay on behalf of the vehicle protection product warrantor all covered sums which the warrantor is legally obligated to pay, […]
§ 63-29-13. Disclosure to warranty holder; contents
Every vehicle protection product warranty shall be written in clear, understandable language and shall be printed or typed in an easy-to-read point size and font and shall not be sold or offered for sale in the state unless the warranty: Contains a disclosure that reads substantially as follows: “This agreement is a product warranty and […]
§ 63-29-15. Disclosure of terms and conditions governing cancellation of sale and warranty; cancellation of warranty only under certain conditions
No vehicle protection product may be sold or offered for sale in this state unless the vehicle protection product warranty clearly states the terms and conditions governing the cancellation of the sale and warranty, if any. The warrantor may only cancel the warranty if the warranty holder does any of the following: Fails to pay […]
§ 63-29-17. Prohibited acts of warrantors
Unless licensed as an insurance company, a vehicle protection product warrantor shall not use in its name, contracts or literature the words “insurance,” “casualty,” “surety,” “mutual” or any other word that is descriptive of the insurance, casualty or surety business, or that is deceptively similar to the name or description of any insurance or surety […]