Need help navigating the service contract, extended warranty or GAP waiver regulatory process?

If you are a provider, administrator, seller or insurer of service contracts or GAP waivers; or want to be, let us be your guide to all the state service contract/extended warranty and GAP waiver laws around the country.  We can help guide you through the licensing and registration hoops;  and also help you establish and maintain a compliant service contract, extended warranty or GAP program.

The Service Contracts Compass is designed to assist companies like yours by providing valuable information about changes in laws and regulations which may impact your service contract or GAP waiver programn and by offering compliance consulting services that can help you keep pace with the insurance laws. service contract laws and GAP waiver laws that govern your industry.

Depending on how your service contract program is structured, or if you are just starting out, some or all of the questions below may be worth exploring…and we can help!

– Do you wonder about recent law changes and need help implementing them accurately and timely?

– Do you need help developing a strategy to expand your program into other states?

– Are you considering the acquisition of an existing provider or program and need a due diligence audit?

– Do you and your program partners have the right license(s) for the kinds of service contracts that you offer or sell?

– Do you qualify for any exemptions that you may be unaware of?

– Are you calculating and returning refunds accurately in every jurisdiction?

– Could you benefit from a limited scope operational audit conducted by someone that is “on your team” to help identify potential regulatory problems before a regulator does?

– Do you have a knowledgeable resource who can offer issue-by-issue and state-by-state support for regulatory matters that may arise regarding your service contract program?

Be proactive rather than reactive!  Whether it’s regulatory filing support, contract analysis, or help communicating with a regulator, we have the experience and expertise in the world of service contract laws to offer strategies and solutions for every aspect of your program.

Please explore other areas of this site and be sure to read more about our firm’s practice group and its services. Check out our Service Contract and Extended Warranty Law Services and learn more about our Insurance Regulatory Practice Group.

New Jersey – Registration for Providers & Administrators

UPDATE – Senate Bill 902 (Companion to AB 1559) has been approved and will become effective on or about September 1, 2023….yes, a little over a year from now!

 

Senate Bill 902, provides for the following:

 

  • Establishes a registration require for both administrators and providers (obligors).  Previously, New Jersey’s law required neither.
  • A new prohibition on certain words that can be used in a provider’s name, products, description of products and “other materials”. Current law only limits certain words in a provider’s name and those words are “insurance”, “casualty”  or “surety”.    The legislation proposes to specific requirements around the use of  the words, “guaranty” and “warranty”.
  • Current law provides for one of three methods of satisfying financial responsibility in the state, i.e., having a CLP, maintaining a reserve or having at least $100M in net worth. The legislation seeks to add the requirement of filing a surety bond with  a minimum of $25, 000, with the Department of Consumer Affairs – this requirement would be required of for providers not insured under a CLP or having $100M in net worth.

 

 

The information on this website is provided solely for informational purposes and presents only highly condensed summaries or general information relating to the topics presented. Therefore, it should not be relied upon as a complete record for purposes of regulatory compliance, nor is it intended to furnish legal advice adequate to any particular circumstances.  (c) Copyright Shirley F. Kerns 2016