47-25-1802 - Approval of warranty claims Notice of claim.
47-25-1802. Approval of warranty claims Notice of claim.
(a) Claims by a retailer for payment under warranty agreements pertaining to inventory shall either be approved or disapproved within thirty (30) days of receipt by the supplier. All approved claims shall be paid within thirty (30) days of their approval. When any such claim is disapproved, the supplier shall notify the dealer within thirty (30) days of receipt stating the specific grounds upon which the disapproval is based. If a claim is not specifically disapproved within thirty (30) days of receipt, it shall be deemed approved and payment by the supplier shall follow within thirty (30) days. If said payment is not made within thirty (30) days, the amount of the claim that remains unpaid shall accrue interest beginning on the thirty-first day at the weekly average prime loan rate, as of the thirty-first day, for the most recent week for which such an average rate has been published by the board of governors of the federal reserve system.
(b) Any notice of a warranty claim given to a supplier under this section shall contain the following language in conspicuous type:
If no objections to this claim are made within thirty (30) days of receipt then payment of the claim must be made within thirty (30) days as provided in title 47, chapter 25, part 18.
[Acts 2001, ch. 425, § 1.]