Section 59C.01 — Short Title.
59C.01 SHORT TITLE. This chapter may be cited as the “Vehicle Protection Product Act.” History: 2007 c 57 art 3 s 21
Section 59C.02 — Definitions.
59C.02 DEFINITIONS. Subdivision 1. Terms. For purposes of this chapter, the terms defined in subdivisions 2 to 11 have the meanings given them. Subd. 2. Administrator. “Administrator” means a third party other than the warrantor who is designated by the warrantor to be responsible for the administration of vehicle protection product warranties. Subd. 3. Commissioner. […]
Section 59C.03 — Scope And Exemptions.
59C.03 SCOPE AND EXEMPTIONS. (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 […]
Section 59C.04 — Registration And Filing Requirements Of Warrantors.
59C.04 REGISTRATION AND FILING REQUIREMENTS OF WARRANTORS. Subdivision 1. General requirement. 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. Subd. 2. Registration records. A registrant shall file a warrantor […]
Section 59C.05 — Financial Responsibility.
59C.05 FINANCIAL RESPONSIBILITY. Subdivision 1. General requirements. No vehicle protection product may be sold, or offered for sale in this state unless the warrantor meets either the requirements of subdivision 2 or 3 in order to ensure adequate performance under the warranty. No other financial security requirements or financial standards for warrantors is required. Subd. […]
Section 59C.06 — Warranty Reimbursement Policy Requirements.
59C.06 WARRANTY REIMBURSEMENT POLICY REQUIREMENTS. No warranty reimbursement insurance policy may 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 that the […]
Section 59C.07 — Disclosure To Warranty Holder.
59C.07 DISCLOSURE TO WARRANTY HOLDER. A vehicle protection product warranty must not be sold or offered for sale in this state unless the warranty: (1) states, “The obligations of the warrantor to the warranty holder are guaranteed under a warranty reimbursement insurance policy” if the warrantor elects to meet its financial responsibility obligations under section […]
Section 59C.08 — Prohibited Acts.
59C.08 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 insurance […]
Section 59C.09 — Record Keeping.
59C.09 RECORD KEEPING. (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 must include: (1) copies of all vehicle protection product warranties; (2) the name and address of each warranty holder; and (3) the dates, […]
Section 59C.10 — Commissioner’s Powers And Duties.
59C.10 COMMISSIONER’S POWERS AND DUTIES. Subdivision 1. Examination and compliance powers. The commissioner may conduct examinations of warrantors, administrators, or other persons to enforce this chapter and protect warranty holders in this state. Upon request of the commissioner, a warrantor shall make available to the commissioner all accounts, books, and records concerning vehicle protection products […]
Section 59C.12 — Applicability.
59C.12 APPLICABILITY. This chapter applies to all vehicle protection products sold or offered for sale on or after January 1, 2008. The failure of any person to comply with this chapter before January 1, 2008, is not admissible in any court proceeding, administrative proceeding, arbitration, or alternative dispute resolution proceeding and may not otherwise be […]