Michigan Compiled Laws 218-1956-15 Chapter 15 Insurance Premium Finance Companies (500.1501...500.1514)

• Section 500.1501 Inapplicability Of Chapter.
  This chapter shall not apply with respect to: (a) An insurance company authorized to do business in the state or a subsidiary of an...
• Section 500.1501a Financial Institutions; Application Of Chapter.
  Nothing in this chapter shall limit or interfere with any bank, company or association described in subsection (b) of section 1501 as to any...
• Section 500.1502 Insurance Premium Finance Companies; Definitions.
  As used in this chapter: (a) “Insurance premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to...
• Section 500.1503 License Requirements; Violation, Penalty; Fees, Renewal, Application.
  (1) No person, except those excluded by section 1501, shall engage in the business of financing insurance premiums in this state without first having...
• Section 500.1504 License Investigation Of Applicant; Issuance, Grounds, Hearing, Bond.
  (1) Upon the filing of an application and the payment of the license fee the commissioner shall make an investigation of each applicant and...
• Section 500.1505 Premium Finance Company; License; Revocation Or Suspension; Grounds; Hearing; Penalty; Appeal; Remuneration; Applicability Of Subsection (4).
  (1) The commissioner may revoke or suspend the license of a premium finance company if after investigation it appears to the commissioner that any...
• Section 500.1506 Premium Finance Transaction Records; Examination; Preservation.
  (1) A licensee shall maintain records of its premium finance transactions and the records shall be open to examination and investigation by the commissioner....
• Section 500.1507 Insurance Commissioner; Regulatory Powers.
  The commissioner may make and enforce such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but...
• Section 500.1508 Premium Finance Agreement; Requirements; Specifications; Items; Subsidiary Companies.
  (1) A premium finance agreement shall: (a) Be dated, signed by or on behalf of the insured, and the printed portion thereof shall be...
• Section 500.1509 Premium Finance Company; Authorized Charges; Service Charge; Amending Original Contract Where Balance Of Premium Due Changed.
  (1) A premium finance company shall not charge, contract for, receive, or collect any charge other than as permitted by this chapter. (2) The...
• Section 500.1510 Insurance Premium Finance Agreement; Delinquency Charge; Cancellation Charge.
  (1) An insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of $1.00 to a maximum of...
• Section 500.1511 Premium Finance Agreement; Cancellation Of Insurance, Procedure, Notice, Refund.
  (1) When a premium finance agreement empowers the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance...
• Section 500.1512 Premium Finance Agreement; Filing Not Required.
  No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors,...
• Section 500.1513 Existing Companies; License, Fee.
  Any person who has been engaged in the business as a premium finance company in this state which premium finance company has paid-up capital...
• Section 500.1514 Insurance Commissioner And Employees; Statement Of Expenses And Charges, Payment; Employment Of Expert Personnel.
  (1) All actual and necessary expenses incurred by the commissioner, his deputies, assistants, and employees, or the commissioner himself, in connection with the regulation,...

Last modified: October 10, 2016