Sec. 1514.
(1) All actual and necessary expenses incurred by the commissioner, his deputies, assistants, and employees, or the commissioner himself, in connection with the regulation, examination, or investigation of any licensed premium finance company pursuant to this code shall be certified by the commissioner, together with an appropriate statement of the time spent by such persons, upon such regulation, examination, or investigation, to the accounting division of the department of administration, who, if correct, shall approve it and the expenses shall be paid to the persons by whom they were incurred, upon the warrant of the state treasurer.
(2) The insurance commissioner shall prepare and present to the premium finance company so regulated, examined, or investigated, the statement of such expenses and charges sufficient to defray all of the costs to the state of each person engaged in such regulation, examination, or investigation and that of any administrative or supervisory personnel utilized in connection therewith, and the applicant or licensed premium finance company, upon receiving such statement shall pay to the commissioner the amount stated therein. The commissioner shall deposit the funds so received with the state treasurer to be credited by him to the general fund.
(3) The commissioner may employ such expert personnel as may be necessary for other than routine regulation; examination, or investigation of any applicant for license or licensed premium finance company, and the compensation and expenses of such expert personnel shall be that charged by the expert personnel. Charges hereunder shall be accounted, charged, and paid in the same manner as provided in subsections (1) and (2) above.
History: Add. 1968, Act 352, Eff. Nov. 15, 1968 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.