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

Money-back Guarantee Requirements in Washington

Yes, you can offer a money-back guarantee for your product or service in Washington. However, there are certain requirements you need to follow.

According to the Washington Administrative Code (WAC) 308-19-010, any person who offers a money-back guarantee must provide the following information to the consumer:

  • The terms and conditions of the guarantee, including any limitations or restrictions
  • The duration of the guarantee
  • The procedure for obtaining a refund
  • The name and address of the guarantor

Additionally, the guarantor must have sufficient funds or credit to honor the guarantee, as per WAC 308-19-020.

It is important to note that service contract providers or protection product guarantee providers offering a money-back guarantee must not use in their name the words insurance, casualty, guaranty, surety, mutual, or any other words descriptive of the insurance, casualty, guaranty, or surety business, as per WARC 48.110.080.

Furthermore, service contract providers or protection product guarantee providers must keep accurate accounts, books, and records concerning transactions regulated under this chapter, as per WARC 48.110.090. The records must include copies of each type of service contract or protection product guarantees offered, issued, or sold, the name and address of each service contract holder or protection product guarantee holder, a list of the locations where the service contracts or protection products are marketed, sold, or offered for sale, and written claim files that contain at least the dates, amounts, and descriptions of claims related to the service contracts or protection products.

Conclusion

To offer a money-back guarantee in Washington, you must provide clear and concise information about the terms and conditions of the guarantee, the duration, the procedure for obtaining a refund, and the name and address of the guarantor. You must also have sufficient funds or credit to honor the guarantee. Additionally, service contract providers or protection product guarantee providers must comply with the requirements outlined in WARC 48.110.080 and WARC 48.110.090.

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Source(s):
Jurisdiction

Washington