(1) (a) A provider shall not use in its name:
The words "insurance", "casualty", "surety", "mutual", or any other words descriptiveof the insurance, casualty, or surety business; or
A name deceptively similar to the name or description of any insurance or suretycorporation, or to the name of any other provider. The word "guaranty" or similar word may be used by a provider.
(b) (I) This section does not apply to a provider that was using any of the prohibited language in its name prior to January 1, 2015.
(II) A provider using the prohibited language in its name shall include in its service contracts a statement in substantially the following form: "This agreement is not an insurance contract."
A provider or its representative shall not in its service contracts or literature make,permit, or cause to be made any false or misleading statement, or deliberately omit any material statement that would be considered misleading if omitted.
A manufacturer or seller of any product shall not require the purchase of a servicecontract as a condition for the sale of any property.
Nothing in this section limits or prohibits a person from pursuing any claim, cause ofaction, or right available under Colorado law.
Source: L. 2014: Entire part added, (HB 14-1199), ch. 204, p. 748, § 2, effective January 1, 2015.