NRS 690C.250 - Conditions under which service contract void and refund required; right of original purchaser; provision stating right required; penalty.

NV Rev Stat § 690C.250 (2019) (N/A)

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1. A service contract is void and a provider shall refund to the holder the purchase price of the service contract if the holder has not made a claim under the service contract and the holder returns the service contract to the provider:

(a) Within 20 days after the date the provider mails a copy of the service contract to the holder;

(b) Within 10 days after the purchaser receives a copy of the service contract if the provider furnishes the holder with the copy at the time the contract is purchased; or

2. The right of a holder to return a service contract pursuant to this section applies only to the original purchaser of the service contract.

3. A service contract must include a provision that clearly states the right of a holder to return a service contract pursuant to this section.

4. The provider shall refund to the holder the purchase price of the service contract within 45 days after a service contract is returned pursuant to subsection 1. If the provider fails to refund the purchase price within that time, the provider shall pay the holder a penalty of 10 percent of the purchase price for each 30-day period or portion thereof that the refund and any accrued penalties remain unpaid.

(Added to NRS by 1999, 3338)

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