Section 35-38-111 - Warranties(1) A supplier shall provide a fair and reasonable warranty agreement on any new equipment that it sells and shall fairly compensate each dealer for parts and labor used in fulfilling such warranty agreement.(2) Any claim made by a dealer related to a warranty agreement shall be: (a) Approved or disapproved within sixty days after receipt by the supplier; and(b) Paid within thirty days after approval by the supplier.(3) For disapproval of any warranty claim submitted by a dealer, such dealer shall be notified in writing of the specific reasons for the disapproval and of any action necessary for approval of the claim and shall be given a reasonable time period in which to complete such action.(4) Warranty work performed by a dealer pursuant to this section shall be compensated at a reimbursement rate that is reasonable and customary to the industry.(5) The supplier shall have the right to adjust for errors discovered during an audit and to adjust any claims collected in error.L. 95: Entire article R&RE, p. 372, § 1, effective July 1.