Title 8 — Title 8

(a) The purpose of this chapter is to define motor vehicle value protection agreements and to authorize the agreements to be offered within this state. (b) This chapter does not apply to either of the following: (1) An insurance policy offered by an insurer under the insurance la…

For the purposes of this chapter, the following words have the following meanings: (1) ADMINISTRATOR. The person who may be responsible for the administrative or operational function of motor vehicle value protection agreements including, but not limited to, the adjudication of c…

to Be Provided. (a) A motor vehicle value protection agreement may be offered, sold, or provided to a borrower or lessor under this chapter. (b) A provider may use an administrator or other designee to be responsible for all or part of the administration of motor vehicle value pr…

In order to assure the faithful performance of the obligations of a provider to its contract holders, the provider shall comply with one of the following: (1)a. Insure all of its motor vehicle value protection agreements under an insurance policy that pays or reimburses the oblig…

(a) A motor vehicle value protection agreement shall disclose in writing and in clear, understandable language that is easy to read all of the following: (1) The name and address of the provider, contract holder, and administrator, if any. (2) The terms of the agreement including…

(a) The Superintendent of Banks may take action that is necessary or appropriate to enforce this chapter and to protect motor vehicle value protection contract holders in this state. After notice and a hearing, the superintendent may do both of the following: (1) Order the provid…