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

Based on the documents provided, there are no specific laws or regulations in Rhode Island that prohibit offering a money-back guarantee for a product or service. However, if you choose to offer a money-back guarantee, you should ensure that the terms and conditions of the guarantee are clearly stated and comply with any applicable laws and regulations.

Under Rhode Island law, vendors are required to provide warranties for their products or services ^[1.1]. If a vendor fails to honor their warranty, the State may seek remedies such as repair, replacement, or refund of payments made ^[1.1]. Additionally, insurance transactions conducted by financial institutions must be conducted only by a Rhode Island licensed insurance producer representing a Rhode Island authorized insurer or representing a Rhode Island eligible surplus lines insurer ^[3.1].

If you plan to offer a money-back guarantee, you should ensure that it does not conflict with any warranties or insurance requirements that may apply to your product or service. You may also want to consult with a legal professional to ensure that your guarantee complies with any other applicable laws or regulations.

In summary, there are no specific laws or regulations in Rhode Island that prohibit offering a money-back guarantee for a product or service. However, you should ensure that the terms and conditions of the guarantee comply with any applicable laws and regulations, and do not conflict with any warranties or insurance requirements that may apply to your product or service.

Source(s):

• [1.1] Product Warranties
• [3.1] Licensure requirement.

Jurisdiction

Rhode Island

• General