A rental company shall issue to a renter a refund of any damage waiver charges charged or collected for a period that exceeds the number of calendar days a damage waiver is in effect if:
(1) the renter returns a rented motor vehicle before the anticipated return date; or
(2) the damage waiver is not in effect for the entire period of the rental agreement because the renter cancels the damage waiver before the anticipated return date, and the rental company confirms that the rented motor vehicle was not damaged before the damage waiver's cancellation.