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 registration record annually and shall update it within 30 days of any change. A registration record must contain the following information:
(1) the warrantor's name, any fictitious names under which the warrantor does business in the state, principal office address, and telephone number;
(2) the name and address of the warrantor's agent for service of process in the state if other than the warrantor;
(3) the names of the warrantor's executive officer or officers directly responsible for the warrantor's vehicle protection product business;
(4) the name, address, and telephone number of any administrators designated by the warrantor to be responsible for the administration of vehicle protection product warranties in this state;
(5) a copy of the warranty reimbursement insurance policy or policies or other financial information required by section 59C.05;
(6) a copy of each warranty the warrantor proposes to use in this state; and
(7) a statement indicating under which provision of section 59C.05 the warrantor qualifies to do business in this state as a warrantor.
Subd. 3. Registration fee. The commissioner may charge each registrant a reasonable fee to offset the cost of processing the registration and maintaining the records in an amount of $250 annually. The information in subdivision 2, clauses (1) and (2), must be made available to the public.
Subd. 4. Renewal. The registrant will have 30 days to complete the renewal of the registration before the commissioner suspends the registration.
Subd. 5. Exception. An administrator or person who sells or solicits a sale of a vehicle protection product but who is not a warrantor shall not be required to register as a warrantor or be licensed under the insurance laws of this state to sell vehicle protection products.
History: 2007 c 57 art 3 s 24
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