Sec. 17.
(1) A vehicle protection product warrantor shall keep accurate accounts, books, and records concerning transactions regulated under this act.
(2) A vehicle protection product warrantor’s accounts, books, and records shall include all of the following:
(a) Copies of all vehicle protection product warranties.
(b) The name and address of each warranty holder.
(c) The dates, amounts, and descriptions of all receipts, claims, and expenditures.
(3) A vehicle protection product warrantor shall retain all required accounts, books, and records pertaining to each warranty holder for at least 2 years after the specified period of coverage has expired. A warrantor discontinuing business in this state shall maintain its records until it furnishes the department satisfactory proof that it has discharged all obligations to warranty holders in this state.
(4) A vehicle protection product warrantor shall make its accounts, books, and records concerning transactions regulated under this act available to the department for the purpose of examination.
History: 2005, Act 263, Eff. June 14, 2006