Alabama HB5 regulates service contracts, requiring specific disclosures in advertising and defining terms.

Alabama HB5 amends the state's service contract regulations, requiring providers to disclose in advertisements any right to refund a contract holder less than the repair or replacement cost. The bill defines terms such as "administrator," "consumer," and "service contract," and specifies that service contracts are not insurance. It mandates that service contracts include details like the purchase price, term, and renewal provisions, and requires providers to permit contract returns within a certain period.

Alabama HB5 regulates service contracts, requiring specific disclosures in advertising and defining terms.

Alabama HB5 amends the state's service contract regulations, requiring providers to disclose in advertisements any right to refund a contract holder less than the repair or replacement cost. The bill defines terms such as "administrator," "consumer," and "service contract," and specifies that service contracts are not insurance. It mandates that service contracts include details like the purchase price, term, and renewal provisions, and requires providers to permit contract returns within a certain period.