HB 600 -- Missouri Vehicle Protection Product Act

Sponsor:  Schlottach

This bill establishes the Missouri Vehicle Protection Product Act
relating to vehicle protection devices installed on or applied to
vehicles to prevent loss or damage from a specific cause,
including a warranty for the product.  In its main provisions,
the bill:

(1)  Requires vehicle protection product warrantors to be
registered with the Department of Insurance, Financial
Institutions, and Professional Registration and to keep accurate
accounts, books, and records concerning transactions regulated by
the Missouri Vehicle Protection Product Act;

(2)  Prohibits a vehicle protection product warrantor from using
in its name, contracts, or literature the words "insurance,"
"casualty," "surety," or "mutual" unless licensed as an insurance
company;

(3)  Prohibits a person from selling or offering for sale a
vehicle protection product warranty unless it clearly states the
terms and conditions governing the cancellation of the sale and
warranty; and

(4)  Prohibits any person from selling or offering for sale any
vehicle protection product unless the warrantor acquires
insurance under a warranty reimbursement insurance policy or
maintains a net worth or stockholder's equity of $50 million.

The bill becomes effective January 1, 2008.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am