1. A provider shall maintain records of the transactions governed by this chapter. The records of a provider must include:
(a) A copy of each type of service contract that the provider issues, sells or offers
(b) The name and address of each holder who possesses a service contract under which
the provider has a duty to perform, to the extent that the provider knows the name
and address of each holder;
(c) A list that includes each location where the provider issues, sells or offers
for sale service contracts; and
(d) The date and a description of each claim made by a holder under a service contract.
2. Except as otherwise provided in this subsection, a provider shall retain all records
relating to a service contract for at least 1 year after the contract has expired. A provider who intends to discontinue doing business in this state shall provide
the Commissioner with satisfactory proof that the provider has discharged his or her
duties to the holders in this state and shall not destroy his or her records without
the prior approval of the Commissioner.
3. The records required to be maintained pursuant to this section may be stored on
a computer disc or other storage device for a computer from which the records can
be readily printed.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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