HI HB1422

Requires service contract providers to disclose to contract holders upon their first claim that making a claim voids their right to a full refund of the service contract purchase price.

Requires obligors of service contract buyback agreements to notify contract holders upon presentation of the first claim that the contract holder cannot receive full reimbursement of the purchase price.

Defines "service contract buyback agreement" as a separate contract that refunds the provider fee if no claim is made on the service contract, paid for with separately stated consideration.

Clarifies that contracts labeled as extended warranties that meet the definition of service contracts shall be treated as service contracts under Chapter 481X, Hawaii Revised Statutes.

Effective date: June 30, 2112.