As used in this chapter, unless the context requires a different meaning: “Board” means the Virginia Board of Agriculture and Consumer Services. “Commissioner” means the Commissioner of the Department of Agriculture and Consumer Services or his designee. “Consumer product” means tangible personal property primarily used for personal, family, or household purposes. “Extended service contract” or […]
A. It shall be unlawful for any extended service contract provider to offer, advertise, or execute or cause to be executed by the purchaser any extended service contract for a consumer product in this Commonwealth unless the obligor at the time of the solicitation, offer, advertisement, sale, or execution of a contract has been properly […]
A. In order to ensure the faithful performance of a third party obligor’s obligations to its contract holders, each third party obligor shall furnish proof of its financial stability by complying with either of the following: 1. The third party obligor shall show that it has a net worth of at least $100 million by […]
A. The Commissioner may deny an application for registration of an obligor under § 59.1-436 or may suspend or revoke such registration if the Commissioner finds that such action is necessary for the protection of purchasers or prospective purchasers or that any one of the following is true: 1. The obligor has failed to comply […]
A. The Board is authorized to adopt reasonable regulations in order to implement provisions in this chapter relating to extended service contracts. These regulations shall be adopted, amended, or repealed in accordance with the Administrative Process Act (§ 2.2-4000 et seq.). B. Without limiting the authority of the Board under subsection A, the Board is […]
A. The Commissioner may, with respect to extended service contracts: 1. Make necessary public and private investigations within or without this Commonwealth to determine whether any person has violated the provisions of this chapter or any rule, regulation, or order issued pursuant to this chapter; 2. Require or permit any person to file a statement […]
Every extended service contract obligor, upon written request of the Commissioner, shall make available to the Commissioner its extended service contract records for inspection and copying to enable the Commissioner to reasonably determine compliance with this chapter. Every obligor shall maintain a true copy of each contract executed between the obligor and a purchaser, and […]
Extended service contracts are (i) not contracts of insurance in the Commonwealth and (ii) not subject to regulation under Title 38.2. 2014, c. 193.
A. Any extended service provider who knowingly and willfully violates any provision of this chapter shall be guilty of a Class 3 misdemeanor. B. Any violation of the provisions of this chapter shall constitute a prohibited practice pursuant to the provisions of § 59.1-200 and shall be subject to any and all of the enforcement […]
