Terms Used In Louisiana Revised Statutes 32:1273
- Administrator: means a third party other than the warrantor who is designated by the warrantor to be responsible for the administration of vehicle protection product warranties. See Louisiana Revised Statutes 32:1272
- Vehicle protection product: means a vehicle protection device, system, or service that is:
(i) Installed on or applied to a vehicle. See Louisiana Revised Statutes 32:1272
- warrantor: means a person who is contractually obligated to the warranty holder under the terms of the vehicle protection product warranty agreement. See Louisiana Revised Statutes 32:1272
- warranty: means a written agreement by a warrantor that provides if the vehicle protection product fails to prevent loss or damage to a vehicle from a specific cause, that the warrantor will pay to or on behalf of the warranty holder specified incidental costs as a result of the failure of the vehicle protection product to perform pursuant to the terms of the warranty. See Louisiana Revised Statutes 32:1272
A. No vehicle protection product may be sold or offered for sale unless the seller, warrantor, and administrator, if any, comply with the provisions of this Chapter.
B. Vehicle protection product warrantors and related vehicle protection product sellers and warranty administrators complying with this Chapter are not required to comply with and are not subject to any other provision of the Louisiana Insurance Code.
C.(1) Vehicle mechanical breakdown insurance policy providers who do not sell vehicle protection products are not subject to the requirements of this Chapter.
(2) Sales of vehicle protection products are exempt from the requirements of the Louisiana Insurance Code.
D. Warranties, indemnity agreements, and guarantees that are not provided as a part of a vehicle protection product are not subject to the provisions of this Chapter.
Acts 2007, No. 388, §1, eff. Jan. 1, 2008.