SB1195 Summary

• Adds exemption for service companies selling or servicing cell phones and other electronic personal communications devices and accessories, if the service contract only covers the actual item the service company sells.

• Adds exemption for maintenance agreements of limited duration that provide scheduled maintenance only and do not include repair or replacement services.

• Clarifies that existing exemptions for service companies in appliances, electronic equipment, HVAC systems, and mechanical equipment apply only when the service contract covers the actual item the service company sells.

• Allows the director to employ independent examiners to review financial statements submitted by corporations claiming exemptions under the statute.