Sec. 15. The following apply to charges for portable electronics insurance:
(1) The charges may be billed and collected by the vendor.
(2) If the insurance cost is not included in the cost associated with the purchase or lease of portable electronics, the insurance cost must be separately itemized on the insured customer's bill.
(3) If the insurance cost is included in the cost associated with the purchase or lease of portable electronics, the vendor shall clearly and conspicuously disclose to the insured customer that the portable electronics insurance cost is included with the cost of the portable electronics.
(4) A vendor that bills and collects the charges shall maintain collected funds in a segregated account unless the:
(A) insurer that issues the portable electronics insurance policy authorizes the vendor to hold the funds in an alternative manner; and
(B) vendor remits the funds to the supervising entity less than sixty (60) days after the vendor receives the funds.
(5) All funds received by the vendor from an insured customer for the sale of portable electronics insurance are considered to be funds held in trust by the vendor in a fiduciary capacity for the benefit of the insurer.
(6) A vendor may receive from an insurer compensation for billing and collection services.
As added by P.L.4-2012, SEC.3.
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