This bill amends the requirements for consumer guarantee contracts, specifically addressing the inclusion of manufacturers' service contracts and the registration details of obligors. It introduces a new subparagraph that adds "Manufacturer's service contracts on the manufacturer's products" to the definition of consumer guaranty contracts. Additionally, the bill requires obligors to register with updated information, including their name, address, and phone number, a certified copy of their charter and bylaws, a certificate from the president and secretary under oath confirming fiscal requirements are met, and other information as required by the commissioner. The bill also mandates that all contract forms and changes be filed through the System for Electronic Rate and Form Filing (SERFF) within 30 days of being offered to consumers in the state.

The bill repeals and reenacts RSA 415-C:7 to outline prohibited acts and terms in connection with the sale or advertisement of consumer guaranty contracts. It prohibits false or misleading statements, pressure tactics, unbranded consumer-specific direct marketing without proper identification, exploitation of senior citizens, mandatory purchase requirements, and fraudulent practices. Additionally, the bill sets forth obligations for obligors to act reasonably and promptly on claims, investigate claims fairly, and not discriminate unfairly. It also specifies that consumer guaranty contracts must not exclude the consumer from being a party to the contract, deny the consumer's right to enforce the contract, or require dispute resolution in a jurisdiction outside of New Hampshire. The bill repeals the exemption of manufacturers' service contracts and is set to take effect on January 1, 2025.

Statutes affected:
Introduced: 415-C:1, 415-C:3, 415-C:2
As Amended by the Senate: 415-C:1, 415-C:3, 415-C:2
Version adopted by both bodies: 415-C:1, 415-C:3, 415-C:2
CHAPTERED FINAL VERSION: 415-C:1, 415-C:3, 415-C:2