Sec. 1601.
(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 with credit transactions for personal, family, or household purposes is subject to the provisions of this chapter, except for the following:
(a) Transactions involving extensions of credit primarily for business or commercial purposes.
(b) Insurance on collateralized real property.
(c) Insurance offered by the creditor and elected by the debtor at the debtor's option.
(d) Insurance for which no specific charge is made to the debtor or the debtor's account.
(e) Blanket insurance, whether paid for by the debtor or the creditor.
History: Add. 2002, Act 655, Eff. Mar. 23, 2003 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)
218-1956-16. - Chapter 16. Creditor-Placed Insurance (500.1601...500.1631)
Section 500.1601 - Insurer or Producer Transacting Creditor-Placed Insurance; Scope.
Section 500.1603 - Private Cause of Action Not Created.
Section 500.1605 - Definitions.
Section 500.1607 - Dates on Which Insurance Effective or Terminated.
Section 500.1609 - Premiums; Calculation; Limitation; Charges Creating Balloon Payment Prohibited.
Section 500.1611 - Exclusions.
Section 500.1613 - Evidence of Insurance Coverage.
Section 500.1617 - Refund of Unearned Premium or Other Charges; Statement of Refund; Amount.
Section 500.1621 - Insurance on Collateral; Conditions.
Section 500.1623 - Rebates or Inducements; Prohibitions.
Section 500.1629 - Judicial Review; Court Order.
Section 500.1631 - Violation of Order of Commission; Penalty.