Michigan Compiled Laws 218-1956-16. Chapter 16. Creditor-placed Insurance (500.1601...500.1631)

• Section 500.1601 Insurer Or Producer Transacting Creditor-placed Insurance; Scope.
  (1) This chapter applies to an insurer or producer transacting creditor-placed insurance as defined in this chapter. (2) All creditor-placed insurance written in connection...
• Section 500.1603 Private Cause Of Action Not Created.
  This chapter does not create or imply a private cause of action for violation of this chapter and does not extinguish any debtor rights...
• Section 500.1605 Definitions.
  As used in this chapter: (a) “Actual cash value” means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation...
• Section 500.1607 Dates On Which Insurance Effective Or Terminated.
  (1) Creditor-placed insurance shall become effective on the latest of the following dates: (a) The date of the credit transaction. (b) The date prior...
• Section 500.1609 Premiums; Calculation; Limitation; Charges Creating Balloon Payment Prohibited.
  (1) Premiums for creditor-placed insurance coverage may be calculated based on an amount not exceeding the net debt even though the coverage may limit...
• Section 500.1611 Exclusions.
  (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....
• Section 500.1613 Evidence Of Insurance Coverage.
  Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance coverage,...
• Section 500.1615 Policy Forms And Certificates Of Insurance; Filing; Schedule Of Premium Rates; Withdrawal Of Approval.
  (1) All policy forms and certificates of insurance to be delivered or issued for delivery in this state and the schedules of premium rates...
• Section 500.1617 Refund Of Unearned Premium Or Other Charges; Statement Of Refund; Amount.
  (1) Not later than 60 days after the termination of creditor-placed insurance coverage, and in accordance with sections 2833(1)(h) and 3020(1)(c), an insurer shall...
• Section 500.1619 Loss Incurred; Payment; Reduced Net Debt Or Actual Cash Value Amounts; Subrogation; Written Statement; Towing And Storage Charges.
  (1) If a loss is incurred under a creditor-placed insurance policy, the insurer shall pay, at a minimum, the lesser of the following, determined...
• Section 500.1621 Insurance On Collateral; Conditions.
  (1) For a creditor to place insurance on collateral pledged by the debtor and pass the cost of the insurance on to the debtor,...
• Section 500.1623 Rebates Or Inducements; Prohibitions.
  (1) The entire amount of the premium due from a creditor shall be remitted to the insurer or its producer in accordance with the...
• Section 500.1625 Adequate Disclosure Of Requirement To Maintain Insurance; Notice; Final Notice; Noncompliance.
  (1) A creditor shall not impose charges, including premium costs and related interest and finance charges, on a debtor for creditor-placed insurance coverage unless...
• Section 500.1627 Investigations Or Examinations; Enforcement; Hearing; Consent Agreement; Injunctive Relief.
  (1) In addition to other powers under this act, the commissioner may conduct investigations or examinations of insurers and producers to ensure compliance with...
• Section 500.1629 Judicial Review; Court Order.
  (1) A person aggrieved by a final order, decision, finding, ruling, action, or inaction provided for under this chapter may seek judicial review as...
• Section 500.1631 Violation Of Order Of Commission; Penalty.
  An insurer that violates an order of the commissioner under this chapter shall be afforded a hearing before the commissioner under the administrative procedures...

Last modified: October 10, 2016