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Can I offer a money-back guarantee for my product or service in New Jersey? What are the requirements?
Here is the response to your query:
Money-back Guarantee Requirements in New Jersey
New Jersey law does not have specific requirements for offering a money-back guarantee for a product or service. However, if you choose to offer a money-back guarantee, you must comply with the state’s consumer protection laws.
According to NJAC 13:45A-30.4, any warranty sold or offered for sale in New Jersey must identify the warrantor, the seller, the warranty holder, and the terms of the sale. The warranty must also state the obligations of the warrantor to the warranty holder, any limitations under the warranty, and the process that the warranty holder must follow to make a claim under the warranty. Additionally, the warranty must include the name and address of the company issuing the warranty reimbursement insurance policy, the process for making a claim under the reimbursement insurance policy, and contact information for the Division of Consumer Affairs and the Department of Banking and Insurance.
If you are offering a money-back guarantee as part of your warranty, you must comply with the requirements outlined in NJAC 13:45A-30.4.
Registration and Renewal Requirements for Warrantors
If you are a warrantor of vehicle protection products sold or offered for sale in New Jersey, you must register with the Division of Consumer Affairs and comply with the requirements outlined in NJAC 13:45A-30.3. This includes submitting a completed application for registration, a copy of your warranty reimbursement insurance policy, a copy of the form of warranties issued by the warrantor for sale in New Jersey, and a registration fee. Your warranty reimbursement insurance policy must comply with the requirements outlined in NJAC 13:45A-30.5.
Conclusion
While New Jersey law does not have specific requirements for offering a money-back guarantee, any warranty sold or offered for sale in the state must comply with the requirements outlined in NJAC 13:45A-30.4. If you are offering a money-back guarantee as part of your warranty, you must also comply with the registration and renewal requirements outlined in NJAC 13:45A-30.3.
Jurisdiction
New Jersey