(a) A person may not operate as a warrantor, or represent to the public that the person is a warrantor, unless the person is registered with the department on a form prescribed by the commissioner.
(b) Warrantor registration records must be filed annually and must be updated by the warrantor within thirty (30) days of any change, subject to subsection (d). The registration records shall contain the following information:(1) The warrantor's name, any other names under which the warrantor does business in this state, principal office address, and telephone number;(2) The names of the warrantor's executive officer or officers directly responsible for the warrantor's vehicle protection product business;(3) The name, address, and telephone number of any administrators designated by the warrantor to be responsible for the administration of vehicle protection product warranties in this state;(4) A copy of the warranty reimbursement insurance policy or policies, or other financial information required by § 56-55-105;(5) A copy of each warranty the warrantor proposes to use in this state; and(6) A statement indicating under which provision of § 56-55-105 the warrantor qualifies to do business in this state as a warrantor.
(1) The warrantor's name, any other names under which the warrantor does business in this state, principal office address, and telephone number;
(2) The names of the warrantor's executive officer or officers directly responsible for the warrantor's vehicle protection product business;
(3) The name, address, and telephone number of any administrators designated by the warrantor to be responsible for the administration of vehicle protection product warranties in this state;
(4) A copy of the warranty reimbursement insurance policy or policies, or other financial information required by § 56-55-105;
(5) A copy of each warranty the warrantor proposes to use in this state; and
(6) A statement indicating under which provision of § 56-55-105 the warrantor qualifies to do business in this state as a warrantor.
(c) The commissioner may charge each registrant a reasonable fee to offset the cost of processing the registration and maintaining the records. The fee shall be set by the commissioner in an amount not to exceed the amount necessary to defray the department's expenses in administering this chapter.
(d) A warrantor applying for renewal is not required to file a copy of a warranty that has already been registered for use. A warrantor must provide written notification of any change to the information contained in the original registration within thirty (30) days of the change. Such notification does not require the submission of a new registration application.
(e) If a registrant fails to register by the renewal deadline, the commissioner shall give the registrant written notice of the failure, and the registrant shall have thirty (30) days to complete the renewal of the registration before the registration is revoked. Revocation for failure to renew a registration does not require any additional notice or a hearing.
(f) An administrator or person who sells or solicits a sale of a vehicle protection product, but who is not a warrantor, shall not be required to register as a warrantor, or be licensed under the insurance laws of this state, to sell vehicle protection products.