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Bill > SB541
OK SB541
OK SB541Service warranties; modifying administrative procedures of the Insurance Department. Effective date.
summary
Introduced
02/06/2023
02/06/2023
In Committee
04/04/2023
04/04/2023
Crossed Over
03/21/2023
03/21/2023
Passed
04/25/2024
04/25/2024
Dead
Signed/Enacted/Adopted
04/30/2024
04/30/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act ENROLLED SENATE BILL NO. 541 By: Montgomery of the Senate and Sneed of the House An Act relating to service warranties; amending Sections 3, 4, and 5, Chapter 16, O.S.L. 2022 (15 O.S. Supp. 2023, Sections 140.4, 140.5, and 140.6), which relate to debt waivers, vehicle value protection agreements, and enforcement; requiring certain administrators to register with the Insurance Department; requiring registration renewal by certain date; requiring certain registrations and registration fees to be submitted electronically; requiring certain contact information changes to be submitted within certain time period; directing certain administrators and service warranty associations to respond to the Insurance Commissioner within certain time period; removing cash payment as an acceptable deposit for certain trust with the Commissioner; updating statutory reference; amending 15 O.S. 2021, Sections 141.4, 141.5, 141.8, 141.13, as amended by Section 1, Chapter 241, O.S.L. 2017, 141.14, and 141.33, which relate to qualification for license, annual license requirements, service warranty forms, annual statements, and claim files; requiring certain license application and fee be submitted electronically by certain service warranty association; requiring certain application to include declaration; conforming language; establishing fees for certain renewal processes; requiring certain expired licensees to reapply as if a new applicant; requiring certain applicants to submit certain report; establishing certain fines; requiring certain filing of financial statement include information for certain time period; updating statutory language; and providing an effective date. SUBJECT: Service warranties
AI Summary
This bill amends existing Oklahoma law to modify administrative procedures for the Insurance Department regarding service warranties. Key provisions include:
- Requiring administrators and providers of debt waivers and vehicle value protection agreements to register with the Insurance Department and renew registration annually. Administrators and providers must respond to inquiries from the Insurance Commissioner within 20 days.
- Updating requirements for offering debt waivers and vehicle value protection agreements, including insurance coverage and financial security options for providers.
- Modifying license application and renewal processes for service warranty associations, including requiring electronic submission of applications and fees and imposing fines for expired licenses.
- Requiring service warranty associations to file annual financial statements, submit certain notification changes within 30 days, and respond to inquiries from the Insurance Commissioner within 20 days.
- Authorizing the Insurance Commissioner to take enforcement actions, including cease and desist orders and fines, for violations of the service warranty law.
The bill has an effective date of November 1, 2024.
Committee Categories
Business and Industry, Labor and Employment
Sponsors (2)
Last Action
Approved by Governor 04/30/2024 (on 04/30/2024)
Official Document
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