Sec. 1611.
(1) Creditor-placed insurance coverage does not include any of the following:
(a) Coverage for the cost of repossession.
(b) Skip, confiscation, and conversion coverage.
(c) Coverage for payment of mechanics' or other liens that do not arise from a covered loss occurrence.
(d) Coverage that requires a debtor's insurance deductible to be less than $250.00.
(e) Coverage that is broader than the insurance coverages that meet the minimum insurance requirements of the credit agreement.
(2) This section does not prohibit the issuance of a separate policy or endorsement providing the coverages listed in subsection (1). However, no charge shall be passed along to the debtor for these coverages.
History: Add. 2002, Act 655, Eff. Mar. 23, 2003
Popular Name: Act 218
Last modified: October 10, 2016