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Martin O'Malley, Governor
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S.B. 502
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2. ON OBTAINING A NEW WARRANTY
REIMBURSEMENT INSURANCE POLICY, FILE A COPY OF THE NEW WARRANTY
REIMBURSEMENT INSURANCE POLICY WITH THE DIVISION.
(D) IF A WARRANTOR ELECTS TO MEET ITS FINANCIAL OBLIGATION IN
ACCORDANCE WITH SUBSECTION (A)(2) OF THIS SECTION, THE WARRANTOR'S
PARENT COMPANY SHALL GUARANTEE THE OBLIGATIONS OF THE WARRANTOR
FOR THE VEHICLE PROTECTION PRODUCT WARRANTIES ISSUED BY THE
WARRANTOR IN THE STATE.
14-4A-08.
(A) A VEHICLE PROTECTION PRODUCT WARRANTY SHALL STATE:
(1) ONE OF THE FOLLOWING, AS APPLICABLE:
(I) "THE OBLIGATIONS OF THE WARRANTOR TO THE
WARRANTY HOLDER UNDER THIS VEHICLE PROTECTION PRODUCT WARRANTY
ARE GUARANTEED UNDER A WARRANTY REIMBURSEMENT INSURANCE POLICY.
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 WARRANTY HOLDER IN
ACCORDANCE WITH THE TERMS OF THE VEHICLE PROTECTION PRODUCT
WARRANTY, THE WARRANTY HOLDER MAY FILE A CLAIM DIRECTLY WITH THE
INSURER THAT ISSUED THE WARRANTY REIMBURSEMENT INSURANCE POLICY.";
OR
(II) "THE OBLIGATIONS OF THE WARRANTOR TO THE
WARRANTY HOLDER UNDER THIS VEHICLE PROTECTION PRODUCT WARRANTY
ARE BACKED BY THE FULL FAITH AND CREDIT OF THE WARRANTOR.";
(2) THE NAME AND ADDRESS OF THE INSURER THAT ISSUED THE
WARRANTY REIMBURSEMENT INSURANCE POLICY TO THE WARRANTOR, IF
APPLICABLE;
(3) THE NAME AND ADDRESS OF THE WARRANTOR, THE SELLER
OF THE VEHICLE PROTECTION PRODUCT, AND THE WARRANTY HOLDER;
(4) THE PURCHASE PRICE AND TERMS OF THE VEHICLE
PROTECTION PRODUCT WARRANTY, INCLUDING A RECITAL OF THE
WARRANTOR'S OBLIGATIONS UNDER THE VEHICLE PROTECTION PRODUCT
WARRANTY;
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- 4287 -
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