(1) The service contract provider or protection product guarantee provider shall keep accurate accounts, books, and records concerning transactions regulated under this chapter.

     (2) The service contract provider's or protection product guarantee provider's accounts, books, and records shall include the following:

     (a) Copies of each type of service contract or protection product guarantees offered, issued, or sold;

     (b) The name and address of each service contract holder or protection product guarantee holder, to the extent that the name and address have been furnished by the service contract holder or protection product guarantee holder;

     (c) A list of the locations where the service contracts or protection products are marketed, sold, or offered for sale; and

     (d) Written claim files that contain at least the dates, amounts, and descriptions of claims related to the service contracts or protection products.

     (3) Except as provided in subsection (5) of this section, the service contract provider or protection product guarantee provider shall retain all records required to be maintained by subsection (1) of this section for at least six years after the specified coverage has expired.

     (4) The records required under this chapter may be, but are not required to be, maintained on a computer disk or other recordkeeping technology. If the records are maintained in other than hard copy, the records shall be capable of duplication to legible hard copy.

     (5) A service contract provider or protection product guarantee provider discontinuing business in this state shall maintain its records until it furnishes the commissioner satisfactory proof that it has discharged all obligations to service contract holders or protection product guarantee holders in this state.

[2006 c 274 § 10; 1999 c 112 § 10.]