Source: https://www.revisor.mn.gov/statutes/2017/cite/59C/full
Timestamp: 2020-01-20 13:25:46
Document Index: 412238714

Matched Legal Cases: ['art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 1', 'art 3']

﻿ Ch. 59C MN Statutes
CHAPTER 59C. VEHICLE PROTECTION PRODUCTS
59C.01 SHORT TITLE.
59C.03 SCOPE AND EXEMPTIONS.
59C.04 REGISTRATION AND FILING REQUIREMENTS OF WARRANTORS.
59C.08 PROHIBITED ACTS.
59C.09 RECORD KEEPING.
59C.10 COMMISSIONER'S POWERS AND DUTIES.
59C.12 APPLICABILITY.
This chapter may be cited as the "Vehicle Protection Product Act."
2007 c 57 art 3 s 21
(a) No vehicle protection product may be sold or offered for sale in this state unless the seller, warrantor, and administrator, if any, comply with the provisions of this chapter.
(b) Vehicle protection product warrantors and related vehicle protection product sellers and warranty administrators complying with this chapter are not required to comply with and are not subject to any other provision of chapters 59B to 72A, except that section 72A.20, subdivision 38, shall apply to vehicle protection product warranties in the same manner it applies to service contracts.
(c) Service contract providers who do not sell vehicle protection products are not subject to the requirements of this chapter and sales of vehicle protection products are exempt from the requirements of chapter 59B.
(d) Warranties, indemnity agreements, and guarantees that are not provided as a part of a vehicle protection product are not subject to the provisions of this chapter.
2007 c 57 art 3 s 23
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:
(5) a copy of the warranty reimbursement insurance policy or policies or other financial information required by section 59C.05;
(7) a statement indicating under which provision of section 59C.05 the warrantor qualifies to do business in this state as a warrantor.
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.
The registrant will have 30 days to complete the renewal of the registration before the commissioner suspends the registration.
2007 c 57 art 3 s 24
(a) Unless licensed as an insurance company, a vehicle protection product warrantor shall not use in its name, contracts, or literature, any of the words "insurance," "casualty," "surety," "mutual," or any other words descriptive of the insurance, casualty, or surety business or deceptively similar to the name or description of any insurance or surety corporation, or any other vehicle protection product warrantor. A warrantor may use the term "guaranty" or similar word in the warrantor's name.
(b) A vehicle protection product seller or warrantor may not require as a condition of financing that a retail purchaser of a motor vehicle purchase a vehicle protection product.
2007 c 57 art 3 s 28
(a) All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under this chapter.
(c) A vehicle protection product warrantor shall retain all required accounts, books, and records pertaining to each warranty holder for at least two years after the specified period of coverage has expired. A warrantor discontinuing business in this state shall maintain its records until it furnishes the commissioner satisfactory proof that it has discharged all obligations to warranty holders in this state.
2007 c 57 art 3 s 29
Subdivision 1.Examination and compliance powers.
The commissioner may conduct examinations of warrantors, administrators, or other persons to enforce this chapter and protect warranty holders in this state. Upon request of the commissioner, a warrantor shall make available to the commissioner all accounts, books, and records concerning vehicle protection products sold by the warrantor and transactions regulated under this chapter that are necessary to enable the commissioner to reasonably determine compliance or noncompliance with this chapter.
Subd. 2.Enforcement authority.
The commissioner has the enforcement authority in chapter 45 available to enforce the provisions of the chapter and the rules adopted pursuant to it.
2007 c 57 art 3 s 30; 2014 c 222 art 1 s 10
This chapter applies to all vehicle protection products sold or offered for sale on or after January 1, 2008. The failure of any person to comply with this chapter before January 1, 2008, is not admissible in any court proceeding, administrative proceeding, arbitration, or alternative dispute resolution proceeding and may not otherwise be used to prove that the action of any person or the affected vehicle protection product was unlawful or otherwise improper. The adoption of this chapter does not imply that a vehicle protection product warranty was insurance before January 1, 2008. Nothing in this section may be construed to require the application of the penalty provisions where this section is not applicable.
2007 c 57 art 3 s 31