Section 2758 - Service Contractors; Record Keeping(a) Every service contractor shall maintain or arrange for the maintenance of a record of the following: (1) The number of total service contracts which are in effect.(2) The duration remaining on all service contracts.(3) The retail purchase price of its service contracts.(4) The names and addresses of its service contract holders where provided by the service contract holder.(5) The methods or means which have been used by the service contractor to meet the requirements of section 9855.2 of the Code during the immediate past five years or since it has been registered with the Bureau as a service contractor, whichever is shorter. Where the service contractor has elected to use a funded escrow account as proof of financial responsibility, the Director or his or her designee shall have the authority to audit and/or verify with the financial institution holding the escrow account the status of the fund condition of the account.
(b) A service contract administrator shall maintain a record of the name and address of all sellers who sell or offer contracts administered by the administrator.(c) A service contract seller shall maintain a record of the name and address of all administrators which it uses to administer its service contracts.(d) A service contractor shall provide to the director annually at the time for renewal of its registration proof of financial responsibility as specified in section 2756(f). The service contractor shall also provide to the director at that time the current value, based upon the full purchase price of the service contract paid by the service contract holder, of all service contracts in force, unless the service contractor has purchased or has arranged to have purchased on its behalf a service contract reimbursement insurance policy covering its service contracts or the service contracts which it administers.Cal. Code Regs. Tit. 16, § 2758
1. New section filed 9-21-95; operative 10-21-95 (Register 95, No. 38). Note: Authority cited: Section 9814, Business and Professions Code. Reference: Sections 9847.5, 9855 and 9855.2, Business and Professions Code.
1. New section filed 9-21-95; operative 10-21-95 (Register 95, No. 38).