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Ch. 407
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2007 Laws of Maryland
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(C) 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) A WARRANTOR THAT DISCONTINUES BUSINESS IN THE STATE
SHALL MAINTAIN ITS ACCOUNTS, BOOKS, AND RECORDS UNTIL IT CAN PROVE TO
THE DIVISION DEPARTMENT DIVISION THAT IT HAS DISCHARGED ALL OF ITS
OBLIGATIONS TO ANY WARRANTY HOLDER IN THE STATE.
(E) ON REQUEST, A WARRANTOR SHALL MAKE ALL OF ITS ACCOUNTS,
BOOKS, AND RECORDS AVAILABLE FOR INSPECTION BY THE DIVISION
DEPARTMENT DIVISION.
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14-4A-07.
(A) A WARRANTOR OF A VEHICLE PROTECTION PRODUCT SOLD OR
OFFERED FOR SALE IN THE STATE SHALL:
(1) BE INSURED UNDER A WARRANTY REIMBURSEMENT
INSURANCE POLICY; OR
(2) MAINTAIN A NET WORTH OR STOCKHOLDERS' EQUITY OF NOT
LESS THAN $50,000,000.
(B) A WARRANTOR THAT MEETS ITS FINANCIAL OBLIGATION IN
ACCORDANCE WITH SUBSECTION (A) OF THIS SECTION IS NOT REQUIRED TO
MEET ANY OTHER FINANCIAL REQUIREMENT OR FINANCIAL STANDARD.
(C) IF A WARRANTOR ELECTS TO CARRY WARRANTY REIMBURSEMENT
INSURANCE UNDER SUBSECTION (A)(1) OF THIS SECTION, THE WARRANTY
REIMBURSEMENT INSURANCE POLICY PURCHASED BY THE WARRANTOR SHALL
PROVIDE:
(1) THAT THE INSURER WILL PAY TO, OR ON BEHALF OF, THE
WARRANTOR ALL SUMS THAT THE WARRANTOR IS LEGALLY OBLIGATED TO PAY
A WARRANTY HOLDER UNDER THE WARRANTOR'S VEHICLE PROTECTION
PRODUCT WARRANTY;
(2) THAT, IN THE EVENT PAYMENT DUE UNDER THE TERMS OF
THE VEHICLE PROTECTION PRODUCT WARRANTY IS NOT PROVIDED BY THE
WARRANTOR WITHIN 60 DAYS AFTER PROOF OF LOSS HAS BEEN FILED BY THE
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- 2494 -
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