Oklahoma Resources
Summary
The NHSCA passed its own Home Service Contract Model Act, May 4, 2011. It is effective November 1, 2011. Full text is below. It declares that home service contracts are not insurance and effectively overrules the missive opinion by the Oklahoma Supreme Court in McMULLAN v. ENTERPRISE FINANCIAL GROUP, INC. 2011 OK 7, Case Number: 108241, decided in January, 2011 which, in a very uninformed opinion, held that service contracts are insurance.
Automobile service contracts and new product, "retail" extended warranty contracts are still regulated pursuant to the Oklahoma Service Warranty Act. IN 2012, Senate Bill 1475 was sent to the Governor to also overrule McMullan for other than home service contracts.REGULATIONS
None at this time
