Michigan Laws 257.1257 – Accounts, books, and records
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 257.1257
- Department: means the department of labor and economic growth. See Michigan Laws 257.1243
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Vehicle protection product: means a vehicle protection device, system, or service that is installed on or applied to a vehicle and is designed to prevent loss or damage to a vehicle from a specific cause. See Michigan Laws 257.1243
- warrantor: means a person that is contractually obligated to a warranty holder under the terms of a vehicle protection product warranty agreement. See Michigan Laws 257.1243
- warranty: means a written agreement by a warrantor that provides if a warranted product fails to prevent loss or damage to a vehicle from a specific cause covered by the warranty, the warrantor shall pay the warranty holder specified incidental costs that result from the failure of the warranted product to perform. See Michigan Laws 257.1243
- Warranty holder: means a person who purchases a warranted product or who is a permitted transferee. See Michigan Laws 257.1243
(1) A vehicle protection product warrantor shall keep accurate accounts, books, and records concerning transactions regulated under this act.
(2) A vehicle protection product warrantor’s accounts, books, and records shall include all of the following:
(a) Copies of all vehicle protection product warranties.
(b) The name and address of each warranty holder.
(c) The dates, amounts, and descriptions of all receipts, claims, and expenditures.
(3) A vehicle protection product warrantor shall retain all required accounts, books, and records pertaining to each warranty holder for at least 2 years after the specified period of coverage has expired. A warrantor discontinuing business in this state shall maintain its records until it furnishes the department satisfactory proof that it has discharged all obligations to warranty holders in this state.
(4) A vehicle protection product warrantor shall make its accounts, books, and records concerning transactions regulated under this act available to the department for the purpose of examination.