Indiana Code 27-1-15.9-15. Charges; funds
(1) The charges may be billed and collected by the vendor.
Terms Used In Indiana Code 27-1-15.9-15
- customer: means a person who purchases portable electronics. See Indiana Code 27-1-15.9-2
- Fiduciary: A trustee, executor, or administrator.
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insured customer: means a customer who purchases insurance under a portable electronics insurance policy that is issued to a vendor. See Indiana Code 27-1-15.9-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- portable electronics: means electronic devices that are portable in nature. See Indiana Code 27-1-15.9-5
- portable electronics insurance: means insurance that provides coverage for the repair or replacement of portable electronics, including coverage for loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss. See Indiana Code 27-1-15.9-6
- supervising entity: means a business entity that:
Indiana Code 27-1-15.9-8
- vendor: means a business entity that directly or indirectly engages in portable electronics transactions. See Indiana Code 27-1-15.9-9
(3) If the insurance cost is included in the cost associated with the purchase or lease of portable electronics, the vendor shall clearly and conspicuously disclose to the insured customer that the portable electronics insurance cost is included with the cost of the portable electronics.
(4) A vendor that bills and collects the charges shall maintain collected funds in a segregated account unless the:
(A) insurer that issues the portable electronics insurance policy authorizes the vendor to hold the funds in an alternative manner; and
(B) vendor remits the funds to the supervising entity less than sixty (60) days after the vendor receives the funds.
(5) All funds received by the vendor from an insured customer for the sale of portable electronics insurance are considered to be funds held in trust by the vendor in a fiduciary capacity for the benefit of the insurer.
(6) A vendor may receive from an insurer compensation for billing and collection services.
As added by P.L.4-2012, SEC.3.