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Maryland Code, Commercial Law § 14-4A-04

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) A warrantor of a vehicle protection product that is sold or offered for sale in the State shall register with the Division on the form that the Division provides.

(b) The registration form shall include:

(1) The name, address, and telephone number of the warrantor, including any name under which the warrantor does business;

(2) The name, address, and telephone number of the warrantor's administrator, if any;

(3) The name and address of the warrantor's registered agent, if any;

(4) The name of at least one officer of the warrantor who is directly responsible for the warrantor's vehicle protection product business;

(5)(i) If the warrantor elects to carry warranty reimbursement insurance in accordance with § 14-4A-07(a)(1) of this subtitle, a copy of the warrantor's warranty reimbursement insurance policy; or

(ii) If the warrantor elects to meet its financial obligations in accordance with § 14-4A-07(a)(2) of this subtitle, one of the following:

1. A copy of the most recent form 10-K or form 20-F filed by the warrantor or the warrantor's parent company with the United States Securities and Exchange Commission; or

2. If the warrantor or the warrantor's parent company does not file with the United States Securities and Exchange Commission, a copy of the warrantor's or the warrantor's parent company's financial statement that shows a net worth or stockholders' equity of not less than $50,000,000; and

(6) A copy of each warranty that the warrantor proposes to use in the State.

(c)(1) A warrantor that registers under subsection (a) of this section shall pay a registration fee to the Division at the time of registration.

(2) On January 1 of each year following a warrantor's initial registration, the warrantor shall pay a renewal fee to the Division.

(3) The registration fee and the renewal fee required under this subsection shall be set by the Division in an amount not exceeding $500 for each fee.

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Cite this article: FindLaw.com - Maryland Code, Commercial Law § 14-4A-04 - last updated December 31, 2021 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-14-4a-04/

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