(a) The provider shall keep accurate accounts, books, and records related to the sale of motor vehicle service contracts, including
(1) copies of each type of motor vehicle service contract sold;
(2) the name and address of each service contract holder to the extent that the name and address have been furnished by the service contract holder;
(3) the locations where motor vehicle service contracts are marketed, sold, or offered for sale; and
(4) claim files describing claims related to the motor vehicle service contracts.
(b) The provider shall retain all records required by this section for at least five years after a motor vehicle service contract has expired.
(c) Records required to be maintained under this section may be maintained electronically.
(d) A provider shall reply in writing within 10 working days to a records inquiry of the director. The director may inspect or request summary or detailed copies of records for examination by the division. Accounting and financial records inspected or examined under this section are confidential when in the possession of the division, but may be used by the director in a proceeding against the licensee.
(e) A provider discontinuing business in this state shall maintain records as required by this section until the provider's obligations to all service contract holders in this state have been discharged.
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