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Insurance Code | |
Service Contracts | |
Section 105 | Prohibited acts. |
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31A-6a-105. Prohibited acts. (1) Except as provided in Subsection 31A-6a-104(2), a service contract provider may not use in its name, a contract, or literature: (a) any of the following words: (i) "insurance"; (ii) "casualty"; (iii) "surety"; (iv) "mutual"; or (v) another word descriptive of the insurance, casualty, or surety business; or (b) a name deceptively similar to the name or description of: (i) an insurance or surety corporation; or (ii) another service contract provider. (2) A service contract provider or the service contract provider's representative may not: (a) make, permit, or cause to be made a false or misleading statement in connection with the sale, offer to sell, or advertisement of a service contract; or (b) deliberately omit a material statement that would be considered misleading if omitted, in connection with the sale, offer to sell, or advertisement of a service contract. (3) A bank, savings and loan association, insurance company, or other lending institution may not require the purchase of a service contract as a condition of a loan. (4) Except for a bank, savings and loan association, industrial bank, or credit union, a service contract provider may not sell, or be the obligated party for: (a) a guaranteed asset protection waiver, unless registered with the commissioner under Chapter 6b, Guaranteed Asset Protection Waiver Act; (b) a debt cancellation agreement, unless licensed by the commissioner; or (c) a debt suspension agreement, unless licensed by the commissioner.
Amended by Chapter 274, 2010 General Session |
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