Oklahoma § 36-6654 - Financial security requirements for sales of products
Full text of Oklahoma Oklahoma Statutes § 36-6654 — Financial security requirements for sales of products, with citation guidance and answers to common questions.
§ 36-6654. Financial security requirements for sales of products
No vehicle protection product shall be sold or offered for sale
in this state unless the warrantor meets the conditions specified in
either paragraph 1 or 2 of this section in order to ensure adequate
performance under the warranty. No other financial security
requirements or financial standards for warrantors shall be
required.
Oklahoma Statutes - Title 36. Insurance
1. The vehicle protection product warrantor is insured under a
warranty reimbursement policy issued by an insurer authorized to do
business in this state which provides that:
a.
the insurer will pay to, or on behalf of, the
warrantor one hundred percent (100%) of all sums that
the warrantor is legally obligated to pay according to
the warrantor’s contractual obligations under the
warrantor’s vehicle protection product warranty,
b.
a true and correct copy of the warranty reimbursement
insurance policy has been filed with the Insurance
Commissioner by the warrantor, and
c.
the policy contains the provision required in Section
7 of this act.
2.
a.
The vehicle protection product warrantor, or its
parent company in accordance with subparagraph b of
this paragraph, maintains a net worth or stockholders’
equity of Fifty Million Dollars ($50,000,000.00), and
b.
the warrantor provides the Commissioner with a copy of
the warrantor’s or the warrantor’s parent company’s
most recent Form 10-K or Form 20-F filed with the
Securities and Exchange Commission within the last
calendar year or, if the warrantor does not file with
the Securities and Exchange Commission, a copy of the
warrantor or the warrantor’s parent company’s audited
financial statements that shows a net worth of the
warrantor or its parent company of at least Fifty
Million Dollars ($50,000,000.00). If the warrantor’s
parent company’s Form 10-K, Form 20-F, or audited
financial statements are filed to meet the warrantor’s
financial stability requirement, then the parent
company shall agree to guarantee the obligations of
the warrantor relating to warranties issued by the
warrantor in this state. The financial information
filed under this subparagraph shall be confidential as
a trade secret of the entity filing the information
and not subject to public disclosure.
Added by Laws 2008, c. 353, § 6, eff. Jan. 1, 2009.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 36-6654
What does Oklahoma Statutes § 36-6654 cover?
Section 36-6654 ("Financial security requirements for sales of products") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 36-6654?
A common citation format is "Oklahoma Statutes § 36-6654" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 36-6654 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.