59.1-436 - Registration; fees; exemptions. - Virginia Statutes

§ 59.1-436. Registration; fees; exemptions.

A. It shall be unlawful for any extended service contract provider to offer,advertise, or execute or cause to be executed by the purchaser any extendedservice contract for a consumer product in this Commonwealth unless theobligor at the time of the solicitation, offer, advertisement, sale, orexecution of a contract has been properly registered with the Commissioner.The registration shall (i) disclose the address, ownership, and nature ofbusiness of the obligor; (ii) be renewed annually on July 1; and (iii) beaccompanied by a fee of $300 per registration and annual renewal. Aregistration application or registration renewal will not be considered fileduntil all required information and fees are received by the Commissioner. Anyobligor who fails to register prior to the sale of an extended servicecontract shall pay a late filing fee of $100 for each 30-day period, orportion thereof, that the registration is late. An obligor who fails totimely renew its registration shall pay a late fee of $50 for each 30-dayperiod, or portion thereof, that the annual renewal filing is late. The latefees authorized by this subsection shall be in addition to all otherpenalties authorized by law.

B. All fees shall be remitted to the State Treasurer and shall be placed tothe credit and special fund of the Virginia Department of Agriculture andConsumer Services to be used in the administration of this chapter.

C. Any matter subject to the insurance regulatory authority of the StateCorporation Commission pursuant to Title 38.2 shall not be subject to theprovisions of this chapter.

D. Licensed or registered motor vehicle dealers, as defined in § 46.2-1500,shall not be subject to the provisions of this chapter.

E. Extended service contract providers who comply with this section and theemployees of such providers who market, sell or offer to sell extendedservice contracts on behalf of the provider shall not be subject to theprovisions of Title 38.2.

(1991, c. 654; 1996, c. 966; 1997, c. 30; 2005, c. 407.)