(1) Except as provided in Subsection 31A-6a-104(2), a service contract provider may not use in its name, a contract, or literature:

1. (a) any of the following words:

   1. (i) "insurance";
   2. (ii) "casualty";
   3. (iii) "surety";
   4. (iv) "mutual"; or
   5. (v) another word descriptive of the insurance, casualty, or surety business; or

2. (b) a name deceptively similar to the name or description of:

   1. (i) an insurance or surety corporation; or
   2. (ii) another service contract provider.

(2) A service contract provider or the service contract provider's representative may not:

1. (a) make, permit, or cause to be made a false or misleading statement in connection with the sale, offer to sell, or advertisement of a service contract; or
2. (b) deliberately omit a material statement that would be considered misleading if omitted, in connection with the sale, offer to sell, or advertisement of a service contract.

(4) Except for a bank, savings and loan association, industrial bank, or credit union, a service contract provider may not sell, or be the obligated party for:

1. (a) a guaranteed asset protection waiver, unless registered with the commissioner under Chapter 6b, Guaranteed Asset Protection Waiver Act;
2. (b) a debt cancellation agreement, unless licensed by the commissioner; or
3. (c) a debt suspension agreement, unless licensed by the commissioner.