(1) A warrantor or a warrantor’s representative, in the warrantor’s vehicle protection product warranty or in an advertisement or literature for the warranty, may not:

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(a) Make, permit or cause to be made any false or misleading statement; or

(b) Intentionally omit a material statement that would be considered misleading if omitted.

(2) A seller or warrantor may not require, as a condition of financing, that a retail purchaser of a motor vehicle purchase a vehicle protection product. [2007 c.685 § 10]