Terms Used In Louisiana Revised Statutes 32:1278
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
A. Unless licensed as an insurance company, a vehicle protection product warrantor shall not use in its name, contracts, or literature, any of the words “insurance”, “casualty”, “surety”, “mutual”, or any other words descriptive of the insurance, casualty, or surety business or deceptively similar to the name or description of any insurance or surety corporation, or any other vehicle protection product warrantor. A warrantor may use the term “guaranty” or similar word in the warrantor’s name.
B. A vehicle protection product seller or warrantor may not require as a condition of financing that a retail purchaser of a motor vehicle purchase a vehicle protection product.
Acts 2007, No. 388, §1, eff. Jan. 1, 2008.