California Business and Professions Code

§ 9855.2

BPC § 9855.2 Effective Jan 1, 2011Div. 3 · Ch. 20 · Art. 4.5

Statute text

(a)A service contract seller shall not issue, sell, or offer for sale a service contract unless the obligor under the service contract has complied with one of the following requirements:

(1)Files with the director one of the following:

(A)The most recent annual report on Form 10-K required by the Securities and Exchange Commission, reflecting a net worth greater than the sum of the deferred revenues from service contracts in force. If the service contractor is a foreign corporation that files a comparable audited financial statement with its home government or with the United States government, the director may deem that statement an acceptable substitute for Form 10-K.

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Legislative history

Amended by Stats. 2010, Ch. 543, Sec. 4. (AB 2111) Effective January 1, 2011. Repealed as of January 1, 2028, pursuant to Section 9855.9.