A bill for an act relating to licensing of service companies, motor vehicle service contracts, and residential service contracts, and providing civil penalties and including effective date provisions.

Summary

The law mandates that any business offering motor vehicle or residential service contracts must obtain a state license and keep it while the contracts are active. Licensed companies must report ownership, contact, and legal changes to the commissioner within 30 days, and disclose criminal or disciplinary actions. It also clarifies that these contracts are not considered insurance.

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