As used in this chapter, unless the context otherwise requires:
1. "Commissioner" means the commissioner of insurance.
2. "Custodial account" means an account established by agreement between a licensed service company and a custodian under section 523C.5.
3. "Custodial agreement" means an agreement entered into between a licensed service company and a custodian under section 523C.5.
4. "Custodian" means an institution meeting the requirements established by the commissioner which institution has entered into a custodial agreement or reserve account agreement with a licensed service company.
5. "Depository" means an institution designated by the commissioner as an authorized custodian for purposes of sections 523C.5 and 523C.11.
6. "Licensed service company" means a service company which is licensed by the commission pursuant to this chapter.
7. "Reserve account agreement" means an agreement entered into between a licensed service company and a depository under section 523C.11.
8. "Residential service contract" means a contract or agreement between a residential customer and a service company which undertakes, for a predetermined fee and for a specified period of time, to maintain, repair, or replace all or any part of the structural components, appliances, or electrical, plumbing, heating, cooling, or air-conditioning systems of residential property containing not more than four dwelling units.
9. "Service company" means a person who issues and performs, or arranges to perform, services pursuant to a residential service contract.
83 Acts, ch 87, § 2; 88 Acts, ch 1112, § 703
Previous Section 523B.13
Next Section 523C.2
© 1999 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Mar 18 15:00:31 CST 1999