For the purposes of this section:
(1) "Customer" means a person who purchases portable electronics or related services.
(2) "Enrolled customer" means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics.
(3) "Location" means any physical location in this State or any website, call center site, or similar location directed to residents of this State.
(4) "Portable electronics" means electronic devices that are portable in nature, their accessories, and services related to the use of the device.
(5) "Portable electronics insurance" means insurance covering the repair or replacement of portable electronics. This insurance may provide coverage for portable electronics against loss, theft, and inoperability due to mechanical failure, malfunction, damage, and other similar loss. Portable electronics insurance does not include:
(a) a service contract governed by Section 38-78-20(12);
(b) an insurance policy covering the obligation of a seller or manufacturer under a warranty; and
(c) a homeowner's, renter's, private passenger automobile, commercial multiperil, or similar policies.
(6) "Portable electronics transaction" means:
(a) the sale or lease of portable electronics by a vendor to a customer; and
(b) the sale of a service related to the use of portable electronics by a vendor to a customer.
(7) "Supervising entity" means a business entity licensed as a property and casualty insurer or insurance producer with a property and casualty line of authority.
(8) "Vendor" means a person directly or indirectly engaged in the business of portable electronics transactions.
HISTORY: 2012 Act No. 172, Section 1, eff January 1, 2013.