523C.1 - DEFINITIONS.
523C.1 DEFINITIONS. As used in this chapter, unless the context otherwise requires: 1. "Commissioner" means the commissioner of insurance. 2. "Custodial account" means an account established by agreement between a licensed service company and a custodian under section 523C.5. 3. "Custodial agreement" means an agreement entered into between a licensed service company and a custodian under section 523C.5. 4. "Custodian" means an institution meeting the requirements established by the commissioner which institution has entered into a custodial agreement or reserve account agreement with a licensed service company. 5. "Depository" means an institution designated by the commissioner as an authorized custodian for purposes of sections 523C.5 and 523C.11. 6. "Licensed service company" means a service company which is licensed by the commissioner pursuant to this chapter. 7. "Record" means the same as defined in section 516E.1. 8. "Reserve account agreement" means an agreement entered into between a licensed service company and a depository under section 523C.11. 9. "Residential service contract" means a contract or agreement between a residential customer and a service company which undertakes, for a predetermined fee and for a specified period of time, to maintain, repair, or replace all or any part of the structural components, appliances, or electrical, plumbing, heating, cooling, or air-conditioning systems of residential property containing not more than four dwelling units. 10. "Service company" means a person who issues and performs, or arranges to perform, services pursuant to a residential service contract.
Section History: Recent Form 83 Acts, ch 87, § 2; 88 Acts, ch 1112, § 703; 2000 Acts, ch 1147, §28; 2006 Acts, ch 1010, §145