§481R-9 Required disclosures. (a) Each vehicle protection product warranty marketed, sold, offered for sale, issued, made, proposed to be made, or administered in this State shall be written, printed, or typed, in clear, understandable, and easy to read language, and shall disclose the applicable requirements set forth in this section.

(b) The obligations of a vehicle protection product warranty that are insured under a reimbursement insurance policy shall contain a statement substantially similar to the following:

"Obligations of the warrantor under this vehicle protection product are insured under a reimbursement insurance policy."

(c) The vehicle protection product warranty shall state the name and address of the insurer and state that if a covered service is not provided by the warrantor before the sixty-first day after the date the consumer provides proof of loss, the consumer may apply for reimbursement directly to the vehicle protection product warrantor's reimbursement insurance company.

(d) Each vehicle protection product warranty shall state the name, address, and phone number of the warrantor. All warrantors shall report to the department before the thirty-first day after the date of any change in the information required to be provided in this subsection.

(e) Each vehicle protection product warranty shall identify any administrator, if different from the warrantor, the vehicle protection product seller, and the consumer, if the name of the consumer has been provided by the consumer. The identities of those persons shall not be required to be preprinted on the warranty and may be added to the warranty at the time of sale.

(f) Each vehicle protection product warranty shall state the product's purchase price, or the warrantor's suggested purchase price, and the terms under which the product is sold. The purchase price shall not be required to be preprinted on the vehicle protection product warranty and may be negotiated with the consumer at the time of sale.

(g) Each vehicle protection product warranty shall:

(1) Specify the products and services to be provided and any limitations, exceptions, or exclusions;

(2) Specify any restrictions governing the transferability of the vehicle protection product;

(3) State the duties of the consumer, including any duty to protect against any further damage and any requirement to follow the warranty's instructions;

(4) State the name, mailing address, and telephone number of the department; and

(5) Include a statement that unresolved complaints concerning a registered warrantor or questions concerning the regulation of a warrantor may be addressed to the department.

(h) The requirements of subsection (g)(4) and (5) may be stamped on the vehicle protection product warranty. [L 2002, c 237, pt of §1; am L 2008, c 19, §42]