(1) 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 Motor Vehicle Commission on a form prescribed by the Motor Vehicle Commission.

(2) Warrantor registration records shall be filed annually and shall be updated by the warrantor within thirty (30) days of any change. The registration records shall contain the following information:

(a) The warrantor’s name, any other names under which the warrantor does business in the state, principal office address and telephone number;

(b) The names of the warrantor’s executive officer or officers directly responsible for the warrantor’s vehicle protection product business;

(c) 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;

(d) A copy of the warranty reimbursement insurance policy or policies or other financial information required by Section 63-29-11 below;

(e) A copy of each warranty the warrantor proposes to use in this state; and

(f) A statement indicating under which provision of Section 63-29-9 that the warrantor qualifies to do business in this state as a warrantor.

(3) The Motor Vehicle Commission may charge each registrant a reasonable fee to offset the cost of processing the registration and maintaining the records. Such fee shall be set by the Motor Vehicle Commission in an amount not to exceed the amount necessary to defray the Motor Vehicle Commission’s expenses in administering this chapter.

(4) If a registrant fails to register by the renewal deadline, the Motor Vehicle Commission shall give the registrant written notice of the failure and the registrant will have thirty (30) days to complete the renewal of the registration before the registration is revoked. Revocation for failure to renew a registration does not require any additional notice or a hearing.

(5) 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.