950 CMR, § 119.08 - Warrantor Registration

(1) The Vehicle protection product warrantor registration requires the submission of the Vehicle Protection Warrantor Registration Application Checklist (checklist) and the Vehicle Product Warrantor Registration Application (Registration).

(2) The Registration and checklist are forms supplied by the Division or documents formatted in the same manner as the Division forms.

(3) The Registration must contain:

(a) the exact name of the warrantor;

(b) the name under which the warrantor will do business if the entity will do business in the Commonwealth under an assumed or fictitious name;

(c) the principal office address of the warrantor, which must include street, number, city, state, country and zip code;

(d) the telephone number including area code of the warrantor;

(e) the name, address and telephone number of the warranty administrator, if any, designated by warrantor;

(f) a statement indicating that the warrantor is covering the warrantor's warranty liability with a warranty reimbursement insurance policy or maintains the minimum net worth of not less than $30,000,000.

(g) the name, address and telephone number of the insurer if the warrantor is covering the warrantor's liability with a warranty reimbursement insurance policy. A copy of the policy must be attached; or

(h) a sworn statement of a duly authorized officer of the company or its independent auditor that the company meets the minimum net worth requirements if the warrantor elects to meet the financial responsibility requirements. If the warrantor's parent company's net worth is used to meet the financial stability requirements, the sworn statement will be by a duly authorized officer of the parent company and will guarantee the obligations of the warrantor relating to the warranties. The statement must be accompanied by:

1. a copy of the warrantor's or the warrantor's parent company's most recent 10-K or form 20-F filed with the Securities and Exchange Commission within the last calendar year or a reference for locating the records at the Securities and Exchange Commission; or

2. a copy of the warrantor's or the warrantor's parent company's audited financial statements that show the minimum net worth if the warrantor does not file with the Securities and Exchange Commission;

(i) the type of vehicle protection products sold; and

(j) a statement that the warrantor will abide by F.L. c.174C and that the information contained in the Registration is correct. The Registration will be signed by the warrantor and be accompanied by the payment of a fee of $250.00.

Notes

950 CMR, § 119.08