FL H1011

Revises motor vehicle service agreement definition to include vehicle protection products (anti-theft devices) and clarifies coverage for vehicle protection expenses, including theft-related costs and replacement vehicle expenses up to a preestablished flat amount of $5,000 or less.

Allows motor vehicle service agreement companies, home warranty associations, and service warranty associations to effectuate refunds through issuing salespersons or agents, with required documentation maintained demonstrating refunds were properly made.

Changes office authority from required to discretionary examinations of service agreement and warranty companies; limits examination periods to the most recent 5 years and caps examination costs at 10 percent of companies' net income.

Creates new sections authorizing governmental entities, public agencies, institutions, persons, firms, and legal entities to provide funding to the Department of Financial Services to pursue unauthorized warranty entities, with funds deposited into the Insurance Regulatory Trust Fund.

Effective July 1, 2012.