§ 26-49-105 — Required disclosures; service contracts

Wyoming § 26-49-105

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 49: SERVICE CONTRACTS

Text

(a) Service contracts marketed, sold, offered for sale,
issued, made, proposed to be made, or administered in this state
shall be written, printed or typed in clear, understandable
language that is easy to read and shall disclose the
requirements set forth in this section, as applicable.
(b) Service contracts insured under a reimbursement
insurance policy pursuant to W.S. 26-49-103(d)(i) shall contain
a statement in substantially the following form: "Obligations of
the provider under this service contract are insured under a
service contract reimbursement insurance policy." The service
contract shall state the name and address of the insurer.
(c) Service contracts not insured under a reimbursement
insurance policy pursuant to W.S. 26-49-103(d)(i) shall contain
a statement in substantially the following form: "Obligations of
the provider under this service contract are backed by the full
faith and credit of the provider."
(d) Service contracts shall state the name and address of
the provider and shall identify any administrator if different
from the provider, the service contract seller, and the service
contract holder to the extent that the name of the service
contract holder has been furnished by the service contract
holder. The identities of such parties are not required to be
preprinted on the service contract and may be added to the
service contract at the time of sale.
(e) Service contracts shall state the purchase price of
the service contract and the terms under which the service
contract is sold. The purchase price is not required to be
preprinted on the service contract and may be negotiated at the
time of sale with the service contract holder.
(f) Service contracts shall state the existence of any
deductible amount, if applicable.
(g) Service contracts shall specify the merchandise and
services to be provided and any limitations, exceptions or
exclusions.
(h) Service contracts covering automobiles shall state
whether the use of nonoriginal manufacturer’s parts is allowed.
(j) Service contracts shall state any restrictions
governing the transferability of the service contract, if
applicable.
(k) Service contracts shall state the terms, restrictions
or conditions governing cancellation of the service contract
prior to the termination or expiration date of the service
contract by either the provider or by the service contract
holder. The provider of the service contract shall mail a
written notice to the service contract holder at the last known
address of the service contract holder contained in the records
of the provider at least ten (10) days prior to cancellation by
the provider. Prior notice is not required if the reason for
cancellation is nonpayment of the provider fee, a material
misrepresentation by the service contract holder to the provider
or a substantial breach of duties by the service contract holder
relating to the covered product or its use. The notice shall
state the effective date of the cancellation and the reason for
the cancellation.
(m) Service contracts shall set forth the obligations and
duties of the service contract holder, such as the duty to
protect against any further damage and any requirement to follow
owner’s manual instructions.
(n) Service contracts shall state whether or not the
service contract provides for or excludes consequential damages
or preexisting conditions, if applicable.