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(1) The purposes of this chapter are to:
(a) create a legal framework within which service contracts may be sold in this state;
(b) encourage innovation in the marketing and development of more economical and effective ways of providing services under service contracts, while placing the risk of innovation on the service contract providers rather than on consumers; and
(c) permit and encourage fair and effective competition among different systems of providing and paying for these services.
(2) Service contracts may not be issued, sold, or offered for sale in this state unless the provider has complied with this chapter.
(3) This chapter applies only to a service contract not otherwise exempted from this title by Section 31A-1-103.