Bill > HB1006

This bill regulates service contracts and protection product guarantees by making several technical amendments to existing Washington state law. The bill updates definitions and financial requirements for service contract and protection product guarantee providers, ensuring they have adequate financial resources to meet their obligations. Key changes include expanding requirements for reimbursement insurance policies to cover scenarios where a provider cannot fulfill its contractual obligations, clarifying the responsibilities of providers and insurers, and ensuring consumer protections. The bill requires providers to maintain financial stability through methods like maintaining a minimum net worth, obtaining reimbursement insurance policies, or establishing reserve accounts. It also strengthens consumer rights by mandating clear contract language, ensuring the ability to cancel contracts within a specified timeframe, and providing mechanisms for consumers to seek remedies if a provider fails to perform. These amendments aim to make service contracts and protection product guarantees more transparent, reliable, and consumer-friendly by establishing clearer standards and financial safeguards in the industry.

Business and Industry

https://app.leg.wa.gov/billsummary?BillNumber=1006&Year=2025&Initiative=false