Minn. Stat. § 59C.01
Short Title
This chapter may be cited as the "Vehicle Protection Product Act."
Minnesota Statutes Chapter 59C — Vehicle Protection Products
Minnesota · statute · Minn. Stat. ch. 59C · 11 active provisions
Provisions
Minn. Stat. § 59C.02
Definitions
Subdivision 1. Terms. For purposes of this chapter, the terms defined in subdivisions 2 to 11 have the meanings given them. Subd. 2. Administrator. "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 warra…
Minn. Stat. § 59C.03
Scope and Exemptions
(a) No vehicle protection product may be sold or offered for sale in this state 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 ch…
Minn. Stat. § 59C.04
Registration and Filing Requirements of Warrantors
Subdivision 1. General requirement. A person may not operate as a warrantor or represent to the public that the person is a warrantor unless the person is registered with the department on a form prescribed by the commissioner. Subd. 2. Registration records. A registrant shall file a warrantor registration record annua…
Minn. Stat. § 59C.05
Financial Responsibility
Subdivision 1. General requirements. No vehicle protection product may be sold, or offered for sale in this state unless the warrantor meets either the requirements of subdivision 2 or 3 in order to ensure adequate performance under the warranty. No other financial security requirements or financial standards for warra…
Minn. Stat. § 59C.06
Warranty Reimbursement Policy Requirements
No warranty reimbursement insurance policy may be issued, sold, or offered for sale in this state unless the policy meets the following conditions: (1) the policy states that the issuer of the policy will reimburse, or pay on behalf of the vehicle protection product warrantor, all covered sums that the warrantor is leg…
Minn. Stat. § 59C.07
Disclosure to Warranty Holder
A vehicle protection product warranty must not be sold or offered for sale in this state unless the warranty: (1) states, "The obligations of the warrantor to the warranty holder are guaranteed under a warranty reimbursement insurance policy" if the warrantor elects to meet its financial responsibility obligations unde…
Minn. Stat. § 59C.08
Prohibited Acts
(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 descr…
Minn. Stat. § 59C.09
Record Keeping
(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 must include: (1) copies of all vehicle protection product warranties; (2) the name and address o…
Minn. Stat. § 59C.10
Commissioner's Powers and Duties
Subdivision 1. Examination and compliance powers. The commissioner may conduct examinations of warrantors, administrators, or other persons to enforce this chapter and protect warranty holders in this state. Upon request of the commissioner, a warrantor shall make available to the commissioner all accounts, books, and…
Minn. Stat. § 59C.12
Applicability
This chapter applies to all vehicle protection products sold or offered for sale on or after January 1, 2008. The failure of any person to comply with this chapter before January 1, 2008, is not admissible in any court proceeding, administrative proceeding, arbitration, or alternative dispute resolution proceeding and…