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ACT NO. 109
This act establishes new regulations for companies that sell "service contracts", a contract to repair or maintain an item sold to a consumer over a specific duration of time, also known as an extended warranty. Service contract companies are required to register with the Department of Banking, Insurance, Securities, and Health Care Administration, to provide proof of financial stability, and to make certain disclosures to consumers of the terms of the contract. Fuel oil dealer service contracts are exempted from the requirements of the act.
Effective Date: September 1, 1998. Service contract providers have until January 1, 1999 to comply with the act.