§ 14-4A-06. Record keeping

   (a) Requirement. -- A warrantor of a vehicle protection product sold or offered for sale in the State shall keep accurate accounts, books, and records that relate to its vehicle protection product warranties.

(b) Contents of records. -- A warrantor's accounts, books, and records shall include:

   (1) A copy of each vehicle protection product warranty sold or issued in the State;

   (2) The name and address of each warranty holder; and

   (3) The date, amount, and description of each receipt, claim, and expenditure.

(c) Time period for keeping of records. -- A warrantor shall keep accounts, books, and records relating to a vehicle protection product warranty and a warranty holder for at least 2 years following the expiration of the vehicle protection product warranty.

(d) Maintaining of records upon discontinuing of business. -- A warrantor that discontinues business in the State shall maintain its accounts, books, and records until it can prove to the Division that it has discharged all of its obligations to any warranty holder in the State.

(e) Inspection. -- On request, a warrantor shall make all of its accounts, books, and records available for inspection by the Division.

HISTORY: 2007, ch. 407.