Section 8-33-1 – Short Title.
Section 8-33-1 Short title. This chapter shall be known and may be cited as the Vehicle Protection Product Act. (Act 2006-600, p. 1638, §1.)
Section 8-33-2 – Definitions.
Section 8-33-2 Definitions. As used in this chapter, the following words shall have the following meanings: (1) ADMINISTRATOR. A third party other than the warrantor who is designated by the warrantor to be responsible for the administration of vehicle protection product warranties. (2) COMMISSIONER. The Commissioner of the Department of Insurance. (3) DEPARTMENT. The Department […]
Section 8-33-3 – Compliance.
Section 8-33-3 Compliance. (a) No vehicle protection product may be sold or offered for sale in this state unless the seller, warrantor, and administrator, if any, comply with the provisions of this chapter. (b) Vehicle protection product warrantors and related vehicle protection product sellers and warranty administrators complying with this chapter are not required to […]
Section 8-33-4 – Registration Requirements.
Section 8-33-4 Registration requirements. (a) A person may not operate as a warrantor or represent to the public that the person is a warrantor unless the person is registered with the department on a form prescribed by the commissioner. (b) Warrantor registration records shall be filed annually and shall be updated within 30 days of […]
Section 8-33-5 – Conditions for Warrantors.
Section 8-33-5 Conditions for warrantors. (a) No vehicle protection product shall be sold or offered for sale in this state unless the warrantor meets one of the conditions in subsection (b) or (c) in order to ensure adequate performance under the warranty. No other financial security requirements or financial standards for warrantors shall be required. […]
Section 8-33-6 – Conditions for Policies.
Section 8-33-6 Conditions for policies. No warranty reimbursement insurance policy shall be issued, sold, or offered for sale in this state unless the policy meets the following conditions: (1) 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 […]
Section 8-33-7 – Form and Contents of Warranty.
Section 8-33-7 Form and contents of warranty. (a) Every vehicle protection product warranty in its entirety shall be written, printed, or typed in eight point type size or larger and shall not be sold or offered for sale in this state unless the warranty: (1) States that the obligations of the warrantor to the warranty […]
Section 8-33-8 – Cancellation of Warranty.
Section 8-33-8 Cancellation of warranty. (a) 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. (b) The warrantor may only cancel the warranty if the warranty holder does […]
Section 8-33-9 – Prohibited Acts.
Section 8-33-9 Prohibited acts. (a) Unless licensed as an insurance company, a vehicle protection product warrantor shall not use in its name, contracts, or literature, any of the words “insurance,” “casualty,” “surety,” “mutual,” or any other words descriptive of the insurance, casualty, or surety business or deceptively similar to the name or description of any […]
Section 8-33-10 – Record Keeping Requirements.
Section 8-33-10 Record keeping requirements. (a) All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under this chapter. (b) A vehicle protection product warrantor’s accounts, books, and records shall include: (1) Copies of all vehicle protection product warranties. (2) The name and address of each warranty holder. (3) The […]