Every warranty sold in connection with a loan as authorized by s. 634.301(4)(b) shall contain a provision providing that the purchaser or borrower may cancel the warranty within 10 days of purchase without penalty and, upon such cancellation, the insurer or home warranty association shall promptly refund the premium paid. This provision may be included in the warranty or by rider or endorsement thereto.

History.--s. 31, ch. 83-323; s. 1, ch. 84-94; s. 20, ch. 93-195.