Billing and collection of charges by vendor authorized; itemization of charges in certain circumstances; disclosure to customer if coverage included with purchase or lease; accounting and status of money received by vendor; compensation of vendor for billing and collection services

1. If a customer purchases a policy of portable electronics insurance from a vendor or elects to enroll in coverage under the vendor’s policy of portable electronics insurance, the vendor may bill and collect the charges for the portable electronics insurance coverage. 2. Any charge to the customer for portable electronics insurance coverage that is not included in the cost associated with the purchase or lease of portable electronics or related services must be separately itemized on the customer’s bill. 3. If portable electronics insurance coverage is included with the purchase or lease of portable electronics or related services, the vendor must clearly and conspicuously disclose to the customer that the portable electronics insurance coverage is included with the purchase of the portable electronics or related services. 4. A vendor which bills and collects charges for portable electronics insurance coverage on behalf of an insurer is not required to maintain such money in a segregated account if the vendor: (a) Is authorized by the insurer to hold such money in an alternative manner; and (b) Remits such amounts to the supervising entity within 60 days after receipt. Ê All money collected by a vendor from an enrolled customer for the sale of portable electronics insurance shall be deemed to be held in trust by the vendor in a fiduciary capacity for the benefit of the insurer, and the insurer shall be deemed to have received the premium from the enrolled customer upon payment of the premium by the enrolled customer to the vendor. A vendor is entitled to receive compensation for billing and collection services.