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 […]
Section 8-34-2 – License Required.
Section 8-34-2 License required. (a) Each dealer engaged in the business of purchasing precious items for the purpose of reselling the items shall purchase a state license in the amount of one hundred dollars ($100) and a county license in the amount of fifty dollars ($50) under Article 1, Chapter 12, Title 40. The dealer […]
Section 8-37-6 – Cancellation of Gap Waiver Agreements.
Section 8-37-6 Cancellation of GAP waiver agreements. (a) Guaranteed asset protection waiver agreements shall be cancellable. GAP waivers shall provide that if a borrower cancels a waiver within the Free Look Period, the creditor, administrator, or other authorized party shall provide the borrower a full refund of the purchase price of the GAP waiver, provided […]
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 8-34-3 – Documentation of Items and Identification of Sellers; Weekly Report to Law Enforcement Agency.
Section 8-34-3 Documentation of items and identification of sellers; weekly report to law enforcement agency. (a) Each dealer shall keep for six months from the date of purchase of a precious item and make available on request of a local law enforcement agency: (1) The name, current address, date of birth, and signature of the […]
Section 8-37-7 – (Effective January 1, 2018) Lease or Retail Installments Sales.
Section 8-37-7 (Effective January 1, 2018) Lease or retail installments sales. Subsection (c) of Section 8-37-3 and Sections 8-37-5 and 8-37-8 of this chapter are not applicable to a GAP waiver offered in connection with a lease or retail installment sale associated with a commercial transaction. (Act 2017-392, §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 8-34-4 – Retention of Items; Payment; Purchase From Persons Under 18 Years of Age.
Section 8-34-4 Retention of items; payment; purchase from persons under 18 years of age. (a) Any item purchased shall be held in the same shape and form as receipted for in the dealer’s custody for 15 business days after delivering the list to the local law enforcement agency as required under this chapter. (b) Payment […]
Section 8-37-8 – (Effective January 1, 2018) Enforcement.
Section 8-37-8 (Effective January 1, 2018) Enforcement. (a) The Superintendent of Banks may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect GAP waiver holders in this state. After proper notice and opportunity for hearing, the superintendent may do both of the following: (1) Order the creditor, […]
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 […]