Contract: A legal written agreement that becomes binding when signed.
contract holder: means a person who purchases a service contract. See Utah Code 31A-6a-101
Service contract: includes any contract or agreement to perform or reimburse the service contract holder for any one or more of the following services:
(i)
the repair or replacement of tires, wheels, or both on a motor vehicle damaged as a result of coming into contact with a road hazard;
(ii)
the removal of dents, dings, or creases on a motor vehicle that can be repaired using the process of paintless dent removal without affecting the existing paint finish and without replacing vehicle body panels, sanding, bonding, or painting;
(iii)
the repair of chips or cracks in or the replacement of a motor vehicle windshield as a result of damage caused by a road hazard, that is primary to the coverage offered by the motor vehicle owner's motor vehicle insurance policy; or
(iv)
the replacement of a motor vehicle key or key-fob if the key or key-fob becomes inoperable, lost, or stolen, except that the replacement of lost or stolen property is limited to only the replacement of a lost or stolen motor vehicle key or key-fob. See Utah Code 31A-6a-101
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
All service contract providers shall keep accurate accounts, books, and records concerning transactions regulated under this chapter.
(b)
A service contract provider’s accounts, books, and records shall include:
(i)
copies of all service contracts issued;
(ii)
the name and address of each service contract holder; and
(iii)
claims files.
(c)
Service contract providers shall retain all records pertaining to each service contract holder for at least three years after the specified period of coverage has expired.
(2)
A provider discontinuing business in this state shall maintain its records until it furnishes the commissioner satisfactory proof that it has discharged all obligations to contract holders in this state.
(3)
Service contract providers shall make all accounts, books, and records concerning transactions regulated under this chapter or other pertinent chapters available to the commissioner for the purpose of examination as provided in Sections 31A-2-203 and 31A-2-204.
