Sec. 1506.
(1) A licensee shall maintain records of its premium finance transactions and the records shall be open to examination and investigation by the commissioner. The commissioner may at any time require a licensee to bring records as the commissioner may direct to the commissioner's office for examination.
(2) A licensee shall preserve its records of premium finance transactions, including cards used in a card system, for at least 3 years after making the final entry in respect to a premium finance agreement. The preservation of records in the form of reproductions pursuant to the records media act constitutes compliance with this requirement, except that a record shall not be reduced to such form until at least 2 years after the final entry is made in the record.
History: Add. 1968, Act 352, Eff. Nov. 15, 1968 ;-- Am. 1992, Act 200, Imd. Eff. Oct. 5, 1992 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-15 - Chapter 15 Insurance Premium Finance Companies (500.1501...500.1514)
Section 500.1501 - Inapplicability of Chapter.
Section 500.1501a - Financial Institutions; Application of Chapter.
Section 500.1502 - Insurance Premium Finance Companies; Definitions.
Section 500.1503 - License Requirements; Violation, Penalty; Fees, Renewal, Application.
Section 500.1504 - License Investigation of Applicant; Issuance, Grounds, Hearing, Bond.
Section 500.1506 - Premium Finance Transaction Records; Examination; Preservation.
Section 500.1507 - Insurance Commissioner; Regulatory Powers.
Section 500.1510 - Insurance Premium Finance Agreement; Delinquency Charge; Cancellation Charge.
Section 500.1511 - Premium Finance Agreement; Cancellation of Insurance, Procedure, Notice, Refund.
Section 500.1512 - Premium Finance Agreement; Filing Not Required.