HB1541: Vehicle protection product warranties; establishes requirements regarding provision thereof.

Chief Patron

Del. Tim Hugo (R-40)

Tim Hugo (R-40)
Centreville, VA
Served: 2003–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

02/12/2008: Failed to Pass in Committee

View Entire History

Summary

Vehicle protection product warranties; penalty.  Establishes requirements regarding the provision of warranties in connection with the sale of vehicle protection products.  A vehicle protection product warranty is an agreement providing that if a vehicle protection product, such as an alarm system, body part marking products, steering lock, ignition lock, ignition kill switch, or satellite tracking device, fails to prevent loss or damage to a vehicle from a specific cause, that the warrantor will pay specified incidental costs resulting from such failure.  These warranties are exempted from insurance regulation.  Persons providing such warranties through the sale of vehicle protection products are required to register with the Commissioner of the Department of Agriculture and Consumer Services.  The warrantors are required to disclose that their financial responsibility obligations are either guaranteed under a warranty reimbursement insurance policy or are backed by the full faith and credit of the warrantor.  Violations of these requirements are prohibited practices under the Virginia Consumer Protection Act.  A knowing and willful violation of any provision is a Class 3 misdemeanor.