reglab/housing_qa huggingface dataset:
36 OK Stat § 36-6654 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6654. Financial security requirements for sales of products.

|No vehicle protection product shall be sold or offered for sale in this state unless the warrantor meets the conditions specified in either paragraph 1 or 2 of this section in order to ensure adequate performance under the warranty. No other financial security requirements or financial standards for warrantors shall be required. |1. The vehicle protection product warrantor is insured under a warranty reimbursement policy issued by an insurer authorized to do business in this state which provides that:a.the insurer will pay to, or on behalf of, the warrantor one hundred percent (100%) of all sums that the warrantor is legally obligated to pay according to the warrantor’s contractual obligations under the warrantor’s vehicle protection product warranty,b.a true and correct copy of the warranty reimbursement insurance policy has been filed with the Insurance Commissioner by the warrantor, andc.the policy contains the provision required in Section 7 of this act.2.a.The vehicle protection product warrantor, or its parent company in accordance with subparagraph b of this paragraph, maintains a net worth or stockholders’ equity of Fifty Million Dollars ($50,000,000.00), andb.the warrantor provides the Commissioner with a copy of the warrantor’s or the warrantor’s parent company’s most recent Form 10-K or Form 20-F filed with the Securities and Exchange Commission within the last calendar year or, if the warrantor does not file with the Securities and Exchange Commission, a copy of the warrantor or the warrantor’s parent company’s audited financial statements that shows a net worth of the warrantor or its parent company of at least Fifty Million Dollars ($50,000,000.00). If the warrantor’s parent company’s Form 10-K, Form 20-F, or audited financial statements are filed to meet the warrantor’s financial stability requirement, then the parent company shall agree to guarantee the obligations of the warrantor relating to warranties issued by the warrantor in this state. The financial information filed under this subparagraph shall be confidential as a trade secret of the entity filing the information and not subject to public disclosure.Added by Laws 2008, c. 353, § 6, eff. Jan. 1, 2009.
36 OK Stat § 36-6655 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6655. Warranty reimbursement insurance policy requirements.

|No warranty reimbursement insurance policy shall be issued, sold, or offered for sale in this state unless the policy meets the conditions set forth in this section and the Insurance Commissioner has not disapproved the policy. |1. The policy states that the issuer of the policy shall reimburse or pay on behalf of the vehicle protection product warrantor all covered sums which the warrantor is legally obligated to pay or shall provide all service that the warrantor is legally obligated to perform according to the warrantor’s contractual obligations under the provisions of the insured warranties issued by the warrantor.2. The policy states that in the event payment due under the terms of the warranty is not provided by the warrantor within sixty (60) days after proof of loss has been filed according to the terms of the warranty by the warranty holder, the warranty holder may file directly with the warranty reimbursement insurance company for reimbursement.3. The policy provides that a warranty reimbursement insurance company that insures a warranty shall be deemed to have received payment of the premium if the warranty holder paid for the vehicle protection product and the insurer’s liability under the policy shall not be reduced or relieved by a failure of the warrantor, for any reason, to report the issuance of a warranty to the insurer.4. The policy has the following provisions regarding cancellation of the policy:a.the issuer of a reimbursement insurance policy shall not cancel such policy until a notice of cancellation in writing has been mailed or delivered to the Insurance Commissioner and each insured warrantor,b.the cancellation of a reimbursement insurance policy shall not reduce the issuer’s responsibility for vehicle protection products sold prior to the date of cancellation, andc.in the event an insurer cancels a policy that a warrantor has filed with the Commissioner, the warrantor shall do either of the following:(1)file a copy of a new policy with the Commissioner, before the termination of the prior policy, providing no lapse in coverage following the termination of the prior policy, and(2)discontinue offering warranties as of the termination date of the policy until a new policy becomes effective and is accepted by the Commissioner.Added by Laws 2008, c. 353, § 7, eff. Jan. 1, 2009.
36 OK Stat § 36-6656 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6656. Vehicle protection product warranty requirements - Incidental costs.

|A. Any vehicle protection product shall not be sold or offered for sale in this state unless the warranty: |1. States, “The obligations of the warrantor to the warranty holder are guaranteed under a warranty reimbursement insurance policy”, if the warrantor elects to meet its financial responsibility obligations under paragraph 1 of Section 6 of this act, or states, “The obligations of the warrantor under this warranty are backed by the full faith and credit of the warrantor”, if the warrantor elects to meet its financial responsibility obligations under paragraph 2 of Section 6 of this act;2. States that in the event a warranty holder must make a claim against a party other than the warranty reimbursement insurance policy issuer, the warranty holder is entitled to make a direct claim against the insurer upon the failure of the warrantor to pay any claim or meet any obligation under the terms of the warranty within sixty (60) days after proof of loss has been filed with the warrantor, if the warrantor elects to meet its financial responsibility obligations under paragraph 1 of Section 6 of this act;3. States the name and address of the issuer of the warranty reimbursement insurance policy, and this information need not be preprinted on the warranty form, but may be added to or stamped on the warranty, if the warrantor elects to meet its financial responsibility obligations under paragraph 1 of Section 6 of this act;4. Identifies the warrantor, the seller, and the warranty holder;5. Sets forth the total product purchase price and the terms under which it is to be paid; however, the purchase price is not required to be preprinted on the vehicle protection product warranty and may be negotiated with the consumer at the time of sale;6. Sets forth the procedure for making a claim, including a telephone number;7. Specifies the payments or performance to be provided under the warranty including payments for incidental costs, the manner of calculation or determination of payments or performance, and any limitations, exceptions or exclusions;8. Sets forth all of the obligations and duties of the warranty holder, such as the duty to protect against any further damage to the vehicle, the obligation to notify the warrantor in advance of any repair, or other similar requirements, if any;9. Sets forth any terms, restrictions, or conditions governing transferability and cancellation of the warranty, if any; and10. Contains a disclosure that reads substantially as follows: “This agreement is a product warranty and is not insurance.”B. Incidental costs may be reimbursed under the provisions of the warranty in either a fixed amount specified in the warranty or sales agreement or by the use of a formula itemizing specific incidental costs incurred by the warranty holder.Added by Laws 2008, c. 353, § 8, eff. Jan. 1, 2009.
36 OK Stat § 36-6657 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6657. Use of certain terms and names restricted - Vehicle protection product purchase as condition of financing prohibited.

|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.Added by Laws 2008, c. 353, § 9, eff. Jan. 1, 2009.
36 OK Stat § 36-6658 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6658. Transaction records - Contents - Retention period - Availability for examination.

|A. All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under the Vehicle Protection Product Act. |B. A vehicle protection product warrantor’s accounts, books, and records shall include:1. Copies of all vehicle protection product warranties;2. The name and address of each warranty holder; and3. The dates, amounts, and descriptions of all receipts, claims, and expenditures.C. A vehicle protection product warrantor shall retain all required accounts, books, and records pertaining to each warranty holder for at least three (3) years after the specified period of coverage has expired. A warrantor discontinuing business in this state shall maintain its records until it furnishes the Insurance Commissioner satisfactory proof that the warrantor has discharged all obligations to warranty holders in this state.D. Vehicle protection product warrantors shall make all accounts, books, and records concerning transactions regulated under the Vehicle Protection Product Act available to the Commissioner for examination.Added by Laws 2008, c. 353, § 10, eff. Jan. 1, 2009.
36 OK Stat § 36-6660 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6660. Promulgation of rules.

|The Commissioner may promulgate rules consistent with the provisions of the Vehicle Protection Product Act as are necessary to implement them. Such rules shall include disclosures for the benefit of the warranty holder, record-keeping, and procedures for public complaints. These rules may also include the conditions under which surplus lines insurers may be rejected for the purpose of underwriting vehicle protection product warranty agreements. |Added by Laws 2008, c. 353, § 12, eff. Jan. 1, 2009.
36 OK Stat § 36-6661 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6661. Application and construction of act.

|The Vehicle Protection Product Act applies to all vehicle protection products sold or offered for sale on or after the effective date of this act. The failure of any person to comply with the Vehicle Protection Product Act prior to its effective date shall not be 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 the Vehicle Protection Product Act does not imply that a vehicle protection product warranty was insurance prior to the effective date of this act. Nothing in this section shall be construed to require the application of the penalty provisions where this section is not applicable. |Added by Laws 2008, c. 353, § 13, eff. Jan. 1, 2009.
36 OK Stat § 36-6670 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6670. Definitions.

|As used in this section through Section 6676 of this title: |1. "Commissioner" means the Insurance Commissioner;2. "Enrolled customer" means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics;3. "Customer" means a person who purchases portable electronics or services;4. "Location" means any physical location in the State of Oklahoma or any website, call center site, or similar location directed to residents of the State of Oklahoma;5. "Portable electronics" means electronic devices that are portable in nature, their accessories and services related to the use of the device;6. "Portable electronics insurance" means insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. "Portable electronics insurance" does not include:a.a service contract governed by the Service Warranty Act,b.a policy of insurance covering a seller's or a manufacturer's obligations under a warranty,c.a homeowner's, renter's, private passenger automobile, commercial multi-peril, or similar policy, ord.a contract excluded from the definition of a service warranty as set forth by subparagraphs a through g of paragraph 17 of Section 141.2 of Title 15 of the Oklahoma Statutes;7. "Portable electronics transaction" means:a.the sale or lease of portable electronics by a vendor to a customer, orb.the sale of a service related to the use of portable electronics by a vendor to a customer;8. "Supervising entity" means a business entity that is a licensed insurer or insurance producer; and9. "Vendor" means a person in the business of engaging in portable electronics transactions directly or indirectly.Added by Laws 2011, c. 93, § 1, eff. Nov. 1, 2011. Amended by Laws 2012, c. 147, § 1, eff. Nov. 1, 2012; Laws 2013, c. 15, § 22, emerg. eff. April 8, 2013; Laws 2016, c. 73, § 14, eff. Nov. 1, 2016.NOTE: Laws 2012, c. 150, § 36 repealed by Laws 2013, c. 15, § 23, emerg. eff. April 8, 2013.
36 OK Stat § 36-6671 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6671. Limited lines license.

|A. A vendor is required to hold a limited lines license to sell or offer coverage under a policy of portable electronics insurance. |B. A limited lines license issued pursuant to this section shall authorize any employee or authorized representative of the vendor to sell or offer coverage under a policy of portable electronics insurance to a customer at each location at which the vendor engages in portable electronics transactions.C. The supervising entity shall maintain a registry of vendor locations which are authorized to sell or solicit portable electronics insurance coverage in this state. Upon request by the Insurance Commissioner and with ten (10) days' notice to the supervising entity, the registry shall be open to inspection and examination by the Insurance Commissioner during regular business hours of the supervising entity.D. Notwithstanding any other provision of law, a license issued pursuant to this section shall authorize the licensee and its employees or authorized representatives to engage in those activities that are permitted in this section.Added by Laws 2011, c. 93, § 2, eff. Nov. 1, 2011. Amended by Laws 2012, c. 147, § 2, eff. Nov. 1, 2012.
36 OK Stat § 36-6672 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6672. Portable electronics insurance - Required brochure contents.

|A. At every location where portable electronics insurance is offered to customers, brochures or other written materials must be made available to a prospective customer which: |1. Disclose that portable electronics insurance may provide a duplication of coverage already provided by a customer's homeowner's insurance policy, renter's insurance policy or other source of coverage;2. State that the enrollment by the customer in a portable electronics insurance program is not required in order to purchase or lease portable electronics or services;3. Summarize the material terms of the insurance coverage, including:a.the identity of the insurer,b.the identity of the supervising entity,c.the amount of any applicable deductible and how it is to be paid,d.benefits of the coverage, ande.key terms and conditions of coverage such as whether portable electronics may be repaired or replaced with similar make and model reconditioned or non-original manufacturer parts or equipment;4. Summarize the process for filing a claim, including a description of how to return portable electronics and the maximum fee applicable in the event the enrolled customer fails to comply with any equipment return requirements; and5. State that the enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and the person paying the premium shall receive a refund or credit of any applicable unearned premium refund.B. Portable electronics insurance may be offered on a month to month or other periodic basis as a group or master commercial inland marine policy issued to a vendor of portable electronics for its enrolled customers.C. Eligibility and underwriting standards for customers electing to enroll in coverage shall be established for each portable electronics insurance program.Added by Laws 2011, c. 93, § 3, eff. Nov. 1, 2011. Amended by Laws 2012, c. 147, § 3, eff. Nov. 1, 2012.
36 OK Stat § 36-6673 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6673. Sale of portable electronics insurance - Licensure exemptions.

|A. The employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers and shall not be subject to licensure as an insurance producer pursuant to Section 2 of this act if: |1. The vendor obtains a limited lines license to authorize its employees or authorized representatives to sell or offer portable electronics insurance pursuant to Section 2 of this act;2. The insurer issuing the portable electronics insurance either directly supervises or appoints a supervising entity to supervise the administration of the program including development of a training program for employees and authorized representatives of the vendors. The training required by this paragraph shall comply with the following:a.the training shall be delivered to employees and authorized representatives of a vendor who is directly engaged in the activity of selling or offering portable electronics insurance,b.the training may be provided in electronic form. If conducted in an electronic form, the supervising entity shall implement a supplemental education program regarding portable electronics insurance that is conducted and overseen by licensed employees of the supervising entity, andc.each employee and authorized representative shall receive basic instruction about the portable electronics insurance offered to customers and the disclosures required pursuant to Section 3 of this act.No employee or authorized representative of a vendor of portable electronics shall advertise, represent or otherwise hold himself or herself out as a non limited lines licensed insurance producer.B. The charges for portable electronics insurance coverage may be billed and collected by the vendor of portable electronics. Any charge to the enrolled customer for coverage that is not included in the cost associated with the purchase or lease of portable electronics or related services shall be separately itemized on the enrolled customer’s bill. If the coverage is included with the purchase or lease of portable electronics or related services the vendor shall clearly and conspicuously disclose to the enrolled customer that the coverage is included with the purchase of the portable electronics or related services. Vendors billing and collecting these charges shall not be required to maintain the funds in a segregated account provided that the vendor is authorized by the insurer to hold the funds in an alternative manner and to remit the amounts to the supervising entity within sixty (60) days of receipt. All funds received by a vendor from an enrolled customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor in a fiduciary capacity for the benefit of the insurer. Vendors may receive compensation for billing and collection services.Added by Laws 2011, c. 93, § 4, eff. Nov. 1, 2011.
36 OK Stat § 36-6674 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6674. Portable electronics insurance - Violations of act.

|A. If a vendor of portable electronics or its employee or authorized representative violates any provision of Sections 1 through 7 of this act, the Insurance Commissioner may: |1. After notice and hearing, impose fines not to exceed Five Hundred Dollars ($500.00) per violation or Five Thousand Dollars ($5,000.00) in the aggregate for such conduct; or2. After notice and hearing, impose other penalties that the Commissioner deems necessary and reasonable to carry out the purpose of Sections 1 through 7 of this act, including:a.suspending the privilege of transacting portable electronics insurance pursuant to Sections 1 through 7 of this act at specific business locations where violations have occurred, andb.suspending or revoking the ability of individual employees or authorized representatives to act under the license.Added by Laws 2011, c. 93, § 5, eff. Nov. 1, 2011.
36 OK Stat § 36-6676 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6676. License application requirements.

|A. A sworn application for the license provided for in Section 6671 of this title shall be made to and filed with the Insurance Commissioner on forms prescribed and furnished by the Insurance Commissioner. |B. The application shall:1. Provide the name, residence address, and other information required by the Insurance Commissioner for an employee or officer of the vendor that is designated by the applicant as the person responsible for the vendor's compliance with the requirements of Sections 6670 through 6676 of this title and update such information within thirty (30) days of a change in the same. If the vendor derives more than fifty percent (50%) of its revenue from the sale of portable electronics insurance, the information required in this subparagraph shall be provided for all officers, directors, and shareholders of record having beneficial ownership of ten percent (10%) or more of any class of securities registered under the federal securities law;2. Appoint the Insurance Commissioner as the applicant's attorney to receive service of all legal process issued against it in any civil action or proceeding in this state and agreeing that process so served shall be valid and binding against the applicant. The appointment shall be irrevocable, shall bind the company and any successor in interest as the assets or liabilities of the applicant, and shall remain in effect as long as the applicant's license remains in force in this state; and3. Specify the location of the applicant's home office.C. Applications for licensure pursuant to Section 6671 of this title shall be made within ninety (90) days of the application being made available by the Insurance Commissioner.D. Initial licenses issued pursuant to Section 6671 of this title shall be valid for a period of twenty-four (24) months.E. Each vendor of portable electronics licensed pursuant to Sections 6670 through 6676 of this title shall pay to the Insurance Commissioner a fee as prescribed by the Insurance Commissioner but in no event shall the fee exceed One Thousand Dollars ($1,000.00) for an initial portable electronics limited lines license and Five Hundred Dollars ($500.00) for each renewal thereof. For a vendor that is engaged in portable electronics transactions at ten or fewer locations in the state the fee shall not exceed One Hundred Dollars ($100.00) for an initial license and for each renewal thereof.Added by Laws 2011, c. 93, § 7, eff. Nov. 1, 2011. Amended by Laws 2012, c. 147, § 5, eff. Nov. 1, 2012.NOTE: Editorially renumbered from Title 36, Section 6636 to provide consistency in numbering.