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Can I offer a money-back guarantee for my product or service in Maine? What are the requirements?

Yes, you can offer a money-back guarantee for your product or service in Maine. The requirements for offering a money-back guarantee are outlined in the Maine Revised Statutes, Title 24-A, Chapter 41, Section 2181.

Requirements for Offering a Money-Back Guarantee in Maine

According to Section 2181, a seller who offers a money-back guarantee must provide the buyer with a written statement of the terms and conditions of the guarantee at the time of sale. The statement must include the following information:

  • The duration of the guarantee
  • Any limitations or conditions on the guarantee
  • The procedure for making a claim under the guarantee
  • The name and address of the seller

Additionally, the seller must honor the terms of the guarantee and provide a refund to the buyer if the conditions of the guarantee are met.

It is important to note that these requirements only apply to sellers who offer a money-back guarantee. If a seller does not offer a guarantee, they are not required to provide a refund to the buyer.

Additional Requirements for Service Contracts

If you are offering a service contract in Maine, there are additional requirements that you must follow. These requirements are outlined in Section 7105 and Section 7106 of Title 24-A of the Maine Revised Statutes.

Section 7105 requires that service contracts must be written in clear and understandable language and must conspicuously disclose certain information, including the purchase price and terms, the procedure for obtaining prior approval for repair work, and the terms, restrictions, or conditions governing cancellation of the service contract.

Section 7106 requires that service providers keep accurate accounts, books, and records concerning transactions regulated under this chapter, including copies of each type of service contract sold, the name and address of each service contract holder, and a list of the locations where service contracts are marketed, sold, or offered for sale by the provider.

Conclusion

To summarize, you can offer a money-back guarantee for your product or service in Maine as long as you provide a written statement of the terms and conditions of the guarantee at the time of sale and honor the terms of the guarantee if the conditions are met. If you are offering a service contract, you must also comply with the additional requirements outlined in Sections 7105 and 7106 of Title 24-A of the Maine Revised Statutes.

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Source(s):
Jurisdiction

Maine