Terms Used In Louisiana Revised Statutes 32:1279
- Executive director: means the executive director of the Louisiana Motor Vehicle Commission. 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
- Warranty holder: means a person who purchases a vehicle protection product or who is a permitted transferee. See Louisiana Revised Statutes 32:1272
A. All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under this Chapter.
B. A vehicle protection product warrantor‘s accounts, books, and records shall include:
(1) Copies of all vehicle protection product warranties.
(2) The name and address of each warranty holder.
(3) The dates, amounts, and descriptions of all receipts, claims, and expenditures.
C. A vehicle protection product warrantor shall retain all required accounts, books, and records pertaining to each warranty holder for at least two years after the specified period of coverage has expired. A warrantor discontinuing business in this state shall maintain its records until it furnishes the executive director satisfactory proof that it has discharged all obligations to warranty holders in this state.
D. Vehicle protection product warrantors shall make all accounts, books, and records concerning transactions regulated under this Chapter available to the executive director for examination.
Acts 2007, No. 388, §1, eff. Jan. 1, 2008.