Section 8-37-2 – Definitions.
Section 8-37-2 Definitions. THIS SECTION WAS AMENDED BY ACT 2022-179 IN THE 2022 REGULAR SESSION, EFFECTIVE JANUARY 1, 2023. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING. For the purposes of this chapter, the following words have the following meanings: (1) ADMINISTRATOR. A person, other than an insurer or creditor, that performs administrative […]
Section 8-33-13 – Applicability.
Section 8-33-13 Applicability. This chapter applies to all vehicle protection products sold or offered for sale on or after January 1, 2007. The failure of any person to comply with this chapter prior to January 1, 2007, shall not be admissible in any court proceeding, administrative proceeding, arbitration, or alternative dispute resolution proceeding and may […]
Section 8-37-3 – (Effective January 1, 2018) Gap Waivers Authorized; Charges; Insurance; Creditor Requirements.
Section 8-37-3 (Effective January 1, 2018) GAP waivers authorized; charges; insurance; creditor requirements. (a) GAP waivers may be offered, sold, or provided to borrowers in this state under this chapter. (b) GAP waivers, at the option of the creditor that offers the GAP waiver, may be sold for a single payment or may be offered […]
Section 8-32-10 – Enforcement Provisions.
Section 8-32-10 Enforcement provisions. (a) The commissioner may conduct investigations or examinations of providers, administrators, insurers, or other persons to enforce this chapter and protect service contract holders in this state. Upon request of the commissioner, the provider shall make all accounts, books, and records concerning service contracts sold in this state by the provider […]
Section 8-33-14 – Disposition of Funds; Examination Expenses.
Section 8-33-14 Disposition of funds; examination expenses. (a) All fees collected pursuant to this chapter shall be paid into the Insurance Department Fund for the enforcement of this chapter. (b) Each person being examined by the commissioner in the enforcement of this chapter shall be liable for and pay the expenses of the examination as […]
Section 8-37-4 – (Effective January 1, 2018) Reimbursements; Coverage; Effect of Cancellation or Termination.
Section 8-37-4 (Effective January 1, 2018) Reimbursements; coverage; effect of cancellation or termination. (a) A contractual liability or other insurance policy insuring a GAP waiver shall state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waiver issued by the […]
Section 8-32-11 – Rules and Regulations.
Section 8-32-11 Rules and regulations. The commissioner may promulgate reasonable rules and regulations necessary to implement this chapter. (Acts 1997, No. 97-445, p. 753, §11.)
Section 8-34-1 – Definitions.
Section 8-34-1 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) DEALER. Any person, corporation, or partnership that engages in the business of purchasing precious items for the purpose of reselling such items in any form. A dealer does not include a manufacturer, retail merchant, pawnbroker licensed by the […]
Section 8-37-5 – (Effective January 1, 2018) Disclosure Requirements.
Section 8-37-5 (Effective January 1, 2018) Disclosure requirements. Subject to Section 8-37-7, a creditor that offers a GAP waiver shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, all of the following: (1) The name and address of the initial creditor and the borrower at the time of […]
Section 8-32-12 – Service Contracts Prior to January 1, 1998.
Section 8-32-12 Service contracts prior to January 1, 1998. Service contracts entered into prior to January 1, 1998, and renewals thereof, may but are not required to comply with this chapter. Providers and other persons are not required to comply with this chapter until January 1, 1998. A provider or other person may, but is […]