Service contracts; terms defined; certain disclosures in advertising required; disclosures of limitations of contracts further provided for

HB 466 aims to enhance consumer protection regarding service contracts, which are agreements where a provider repairs, replaces, or refunds covered property. The bill requires advertisements for service contracts to disclose if a contract holder's refund could be less than the provider's cost to repair or replace the covered item. It also specifies additional limitations, exceptions, and exclusions of service contracts that must be disclosed to consumers. Finally, the bill includes technical updates to existing code language related to service contracts.