Motor Vehicle and Residential Service Contracts (5468XD) - Insurance and Financial Services, Department of

This bill requires companies selling motor vehicle and residential service contracts in Iowa to obtain and maintain a license from the Department of Insurance. It directly affects service companies that issue or sell these contracts, mandating they apply for a license with detailed information about ownership, officers, and compliance history. Key provisions include annual license renewals, reporting material business changes within 30 days, and disclosing disciplinary actions or criminal prosecutions involving key personnel. The law also defines terms like "service contract holder" and "substitute part" to clarify regulatory scope.