§ 8-32-7 — Record Keeping Requirements

Alabama § 8-32-7

• Jurisdiction: Alabama
• Title 8: Commercial Law and Consumer Protection
• Ch. 32: Service Contracts

Text

(a)(1) The provider shall keep accurate accounts, books, and records concerning transactions regulated under this chapter.
(2) The provider’s accounts, books, and records shall include the following:
a. Copies of each type of service contract sold.
b. The name and address of each service contract holder to the extent that the name and address have been furnished by the service contract holder.
c. A list of the locations where service contracts are marketed, sold, or offered for sale.
d. Recorded claims files which shall contain at least the dates, amounts, and description of all receipts, claims, and expenditures related to the service contracts.
(3) The provider shall retain all records required to be maintained by this subsection (a) for at least three years after the specified period of coverage has expired.
(4) The records required under this chapter may be, but are not required to be, maintained on a computer disk or other record keeping technology. If the records are maintained in other than hard copy, the records shall be capable of duplication to legible hard copy at the request of the commissioner.
(b) A provider discontinuing business in this state shall maintain its records until it furnishes the commissioner satisfactory proof that it has discharged all obligations to service contract holders in this state.

Legislative History

(Acts 1997, No. 97-445, p. 753, §7.)