Mississippi § 63-29-3 - Definitions.

§ 63-29-3. Definitions.

As used in this section: “Administrator” means a third party other than the warrantor who is designated by the warrantor to be responsible for the administration of vehicle protection product warranties. “Motor Vehicle Commission” means the Mississippi Motor Vehicle Commission. “Incidental costs” means expenses specified in the warranty incurred by the warranty holder related to the failure of the vehicle protection product to perform as provided in the warranty. Incidental costs may include, without limitation, insurance policy deductibles, rental vehicle charges, the difference between the actual value of the stolen vehicle at the time of theft and the cost of a replacement vehicle, sales taxes, registration fees, transaction fees and mechanical inspection fees. (i) “Vehicle protection product” means a vehicle protection device, system or service that: 1. Is installed on or applied to a vehicle; 2. Is designed to prevent loss or damage to a vehicle from a specific cause; and 3. Includes a written warranty. Any product offered without a warranty shall not be considered a vehicle protection product and shall not be covered by the provisions of this chapter. The term “vehicle protection device, system or service” shall include, without limitation, alarm systems, body part marking products, steering locks, window etch products, pedal and ignition locks, fuel and ignition kill switches and electronic, radio and satellite tracking devices. “Vehicle protection product warranty” or “warranty” means a written agreement by a warrantor that provides that if the vehicle protection product fails to prevent loss or damage to a vehicle from a specific cause, then the warranty holder shall be paid specified incidental costs by the warrantor as a result of the failure of the vehicle protection product to perform pursuant to the terms of the warranty. “Vehicle protection product warrantor” or “warrantor” means a person who is contractually obligated to the warranty holder under the terms of the vehicle protection product warranty agreement. “Warrantor” does not include an authorized insurer. “Warranty holder” means the person who purchases a vehicle protection product or who is a permitted transferee. “Warranty reimbursement insurance policy” means a policy of insurance that is issued to the vehicle protection product warrantor to provide reimbursement to the warrantor or to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of the insured vehicle protection product warranties sold by the warrantor.