South Carolina Code 38-78-70. Provider to maintain accounts, books, and records
(1) copies of each type of service contract issued;
Terms Used In South Carolina Code 38-78-70
- Contract: A legal written agreement that becomes binding when signed.
- contract holder: means a person who is the purchaser or holder of a service contract. See South Carolina Code 38-78-20
- Director: means the Director of the Department of Insurance. See South Carolina Code 38-78-20
- Provider: means a person who is contractually obligated to the service contract holder under the terms of the service contract. See South Carolina Code 38-78-20
- Service contract: includes a contract or agreement for a separately stated consideration for a specific duration to perform one or more of the following services:
(a) the repair or replacement of tires and wheels on a motor vehicle damaged as a result of coming into contact with road hazards;
(b) the removal of dents, dings, or creases on a motor vehicle that can be repaired using the process of paintless dent removal without affecting the existing paint finish and without sanding, bonding, painting, or replacing a vehicle body panel;
(c) the replacement of a motor vehicle key or key fob in the event that the key or key fob becomes inoperable, lost, or stolen; and
(d) other services consistent with the provisions of this chapter approved by the director. See South Carolina Code 38-78-20
(2) the name and address of each service contract holder to the extent that the name and address have been furnished by the service contract holder;
(3) a list of the locations where service contracts are marketed, sold, or offered for sale; and
(4) recorded claims files which shall contain at least the dates and description of claims related to the service contracts.
Except as provided in subsection (B), the provider shall retain all records required to be maintained by this section for at least one year after the specified period of coverage has expired.
The records required under this chapter may be, but are not required to be, maintained on a computer disk or other recordkeeping technology. If records are maintained in other than hard copy, the records must be capable of duplication to legible hard copy at the request of the director.
(B) A provider discontinuing business in this State shall maintain its records until it furnishes the director satisfactory proof that it has discharged all obligations to contract holders in this State.
(C) The provider shall make all accounts, books, and records concerning transactions regulated under this chapter, or other pertinent laws, available to the director upon request.