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2006 SESSION

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HB 383 Home service contract providers; certain exemptions.

Introduced by: Terrie L. Suit | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Home service contract providers.  Establishes requirements for the business of providing home service contracts, which are agreements to perform the repair, replacement or maintenance of property, or indemnification therefor, with regard to components, parts, appliances, or systems of a covered residential dwelling.  Providers are required to be licensed by the State Corporation Commission, to either insure its obligations to contract holders or maintain a funded reserve account, and to make certain disclosures to contract purchasers.  Providers are subject to premium tax at a rate of 2.25% of their provider fees.


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