523C.1  Definitions.

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.

Section History: Recent form

  83 Acts, ch 87, § 2; 88 Acts, ch 1112, § 703


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