§ 4-114-107 — Prohibited acts

(a) (1) A provider shall not use a name: (A) With the words "insurance", "casualty", "surety", "mutual", or any other words descriptive of the insurance, casualty, or surety business; or (B) Deceptively similar to the name or description of any insurance or surety corporation or any other provider. (2) (A) This subsection shall not apply to a company that was using any of the prohibited language in its name prior to October 1, 2007. (B) However, a company using the prohibited language in its name shall conspicuously disclose in its service contracts that the service contract is not an insurance contract. (b) A provider or its representative shall not in its service contracts or literature make or permit or cause to be made any false or misleading statement or deliberately omit any material statement that would be considered misleading if omitted in connection with the sale, offer to sell, or advertisement of a service contract. (c) A person, including without limitation a bank, savings and loan association, lending institution, manufacturer, or seller of any product shall not require the purchase of a service contract as a condition of a loan or a condition for the sale of any property.

Legislative History

Acts 2007, No. 656, § 1.