Charges for portable electronics insurance may be billed and collected by a portable electronics insurance agent licensee. A licensee shall not be required to maintain those funds in a segregated account if the insurer represented by the licensee has provided in writing that the funds need not be segregated from funds received by the portable electronics vendor on account of the sale or lease of portable electronics or related services or accessories. All funds received by a vendor from a customer for the sale of portable electronics insurance shall be considered funds held in trust by the vendor in a fiduciary capacity for the benefit of the insurer. Licensees may receive compensation for billing and collection services.
(Amended by Stats. 2011, Ch. 165, Sec. 8. (AB 690) Effective January 1, 2012. Note: See conditions in Section 1758.693 regarding the initial operative date of Article 16.1, commencing with Section 1758.6.)
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