Sec. 1611.
(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.
(c) Coverage for payment of mechanics' or other liens that do not arise from a covered loss occurrence.
(d) Coverage that requires a debtor's insurance deductible to be less than $250.00.
(e) Coverage that is broader than the insurance coverages that meet the minimum insurance requirements of the credit agreement.
(2) This section does not prohibit the issuance of a separate policy or endorsement providing the coverages listed in subsection (1). However, no charge shall be passed along to the debtor for these coverages.
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.