(A) A provider shall maintain accurate accounts, books, and records concerning transactions regulated under this chapter which shall include:
(1) copies of each type of service contract issued;
(2) the name and address of each service contract holder to the extent that the name and address have been furnished by the service contract holder;
(3) a list of the locations where service contracts are marketed, sold, or offered for sale; and
(4) recorded claims files which shall contain at least the dates and description of claims related to the service contracts.
Except as provided in subsection (B), the provider shall retain all records required to be maintained by this section for at least one year after the specified period of coverage has expired.
The records required under this chapter may be, but are not required to be, maintained on a computer disk or other recordkeeping technology. If records are maintained in other than hard copy, the records must be capable of duplication to legible hard copy at the request of the director.
(B) A provider discontinuing business in this State shall maintain its records until it furnishes the director satisfactory proof that it has discharged all obligations to contract holders in this State.
(C) The provider shall make all accounts, books, and records concerning transactions regulated under this chapter, or other pertinent laws, available to the director upon request.
HISTORY: 2000 Act No. 330, Section 2.
Structure South Carolina Code of Laws
Chapter 78 - Service Contracts
Section 38-78-10. Purpose of chapter; applicability; motor vehicle manufacturer's service contracts.
Section 38-78-20. Definitions.
Section 38-78-40. Reimbursement insurance policies.
Section 38-78-50. Service contracts; required provisions.
Section 38-78-70. Provider to maintain accounts, books, and records.
Section 38-78-80. Termination of reimbursement insurance policy.