§ 66-480 – Scope.

66-480. Scope. The purpose of this Article is to provide a framework within which vehicle value protection agreements are defined and may be offered within this State. (2021-172, s. 3.)

§ 66-481 – Definitions.

66-481. Definitions. The following definitions apply in this Article: (1) Administrator. – The person responsible for the administrative or operational functions of vehicle value protection agreements, including, but not limited to, the adjudication of claims or benefit requests by contract holders. (2) Commercial. – A transaction wherein the motor vehicle will primarily be used for […]

§ 66-482 – Requirements for offering vehicle value protection agreements.

66-482. Requirements for offering vehicle value protection agreements. (a) Vehicle value protection agreements in compliance with this Article may be offered, sold, or given to consumers in this State. (b) A provider may perform as an administrator or may utilize a third-party administrator or other designee to be responsible for any and all of the […]

§ 66-483 – Disclosures.

66-483. Disclosures. Vehicle value protection agreements must disclose in writing and in clear, understandable language that is easy to read, all of the following: (1) The name and address of the provider, contract holder, and administrator, if any. (2) The terms of the vehicle value protection agreement, including, without limitation, the purchase price to be […]

§ 66-484 – Commercial transaction exemptions.

66-484. Commercial transaction exemptions. G.S. 66-473(5) and (7) shall not apply to vehicle value protection agreements offered in connection with a commercial transaction. (2021-172, s. 3.)

§ 66-485 – Enforcement.

66-485. Enforcement. The Attorney General may take action necessary or appropriate to enforce the provisions of this Article and to protect vehicle value protection agreement consumers in this State. After proper notice and opportunity for hearing, the Attorney General may do the following: (1) Order the creditor, provider, administrator, or any other person not in […]

§ 66-486 – Intent.

66-486. Intent. Vehicle value protection agreements are not insurance and are exempt from the provisions of Chapter 58 of the General Statutes, as are persons administering, marketing, selling, or offering to sell vehicle value protection agreements to consumers. All vehicle value protection agreements issued prior to and after the date of enactment of this Article […]