Oklahoma 2024 Regular Session

Oklahoma House Bill HB3366

Introduced
2/5/24  
Refer
2/6/24  
Refer
2/6/24  

Caption

Contracts; Service Warranty Act; administrative fees; exclusion of certain fee; effective date.

Impact

The changes outlined in HB3366 would establish clearer financial reporting requirements and designate specific administrative fees for service warranty associations. This is expected to enhance oversight by the Insurance Commissioner, ensuring that consumer protection standards are upheld. Notably, service warranty associations are exempt from the premium tax but are subject to a new administrative fee of 2% on gross provider fees, which aims to streamline the financial obligations of these entities while maintaining regulatory oversight.

Summary

House Bill 3366, introduced by Representative McEntire and Senator Coleman, addresses the regulation of service warranty associations in Oklahoma. This legislation aims to amend the existing Service Warranty Act, specifying new requirements for the filing of financial statements by service warranty associations and insurers. Specifically, it requires them to submit annual financial statements and allows the Insurance Commissioner to impose administrative fees based on the gross provider fees received from service warranties, moving away from the previous premium tax structure.

Sentiment

The sentiment around HB3366 appears largely supportive within the legislative committee, as indicated by the 'Do Pass' outcome recorded in the Appropriations and Budget Committee with overwhelming support (36 yeas, 0 nays). Proponents argue that establishing clearer guidelines and fee structures is necessary for fostering accountability in the service warranty sector, which is beneficial for consumer trust. However, the absence of recorded opposition raises questions about the thoroughness with which various stakeholder concerns have been addressed.

Contention

Despite the apparent consensus, potential points of contention could arise regarding the implications of imposing new administrative fees on service warranty providers, which might impact the cost of service warranties for consumers. Critics may argue that any added financial burdens on these entities could lead to increased service costs or decreased availability of warranty options for consumers. Furthermore, discussions regarding the balance of regulatory oversight and market freedom may become a focal point as the bill moves forward.

Companion Bills

No companion bills found.

Previously Filed As

OK SB435

Service Warranty Act; exempting certain fee from provisions of State Insurance Commissioner Revolving Fund; modifying administrative fees. Effective date.

OK SB541

Service warranties; modifying administrative procedures of the Insurance Department. Effective date.

OK SB136

Fees; increasing sheriff's fee for certain service. Effective date. Emergency.

OK HB1331

Labor; Boiler and Pressure Vessel Safety Act; authorizing Commissioner of Labor to promulgate certain rules and administrative fines; effective date.

OK SB713

Fees; increasing amount paid for jury service. Effective date.

OK HB1597

Contracts; Notice of Opportunity to Repair Act; subjecting requirements to certain contractual agreements; effective date.

OK HB2845

Retail Electric Supplier Certified Territory Act; exclusive rights; service; effective date.

OK HB1024

Fees; jurors' fees; increasing jurors' fees for attendance; effective date.

OK SB555

Prepaid funeral services; modifying provisions for permit applications and administration by the Insurance Commissioner. Effective date.

OK SB1037

Fees; modifying requirements for acceptance of certain payments. Effective date.

Similar Bills

CA AB646

Insurance: warranty: catalytic converter.

CT SB00322

An Act Concerning Motor Vehicle Protection Products.

CA AB2912

Consumer warranties.

TX HB3625

Relating to requirements for certain service contracts.

CT SB01425

An Act Concerning Motor Vehicle Protection Products.

LA HB232

Provides relative to warranty for negotiable instruments and depository and collecting banks

FL H0623

Builder Warranties

TN HB2231

AN ACT to amend Tennessee Code Annotated, Title 47; Title 55, Chapter 24 and Title 56, relative to motor vehicle warranties.