500.1501 Inapplicability of chapter. Sec. 1501. This chapter shall not apply with respect to: (a) An insurance company authorized to do business in the state or a subsidiary of an authorized insurer admitted in this state or a corporation under substantially the same management or control as an admitted authorized insurer or group of insurers, […]
500.1501a Financial institutions; application of chapter. Sec. 1501a. Nothing in this chapter shall limit or interfere with any bank, company or association described in subsection (b) of section 1501 as to any business which it is otherwise authorized to conduct, including the financing of insurance premiums. Nothing in this chapter shall prevent any such bank, […]
500.1502 Insurance premium finance companies; definitions. Sec. 1502. As used in this chapter: (a) “Insurance premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent in […]
500.1503 License requirements; violation, penalty; fees, renewal, application. Sec. 1503. (1) No person, except those excluded by section 1501, shall engage in the business of financing insurance premiums in this state without first having obtained a license as a premium finance company from the commissioner. Any person who shall engage in the business of financing […]
500.1504 License investigation of applicant; issuance, grounds, hearing, bond. Sec. 1504. (1) Upon the filing of an application and the payment of the license fee the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the commissioner does not so […]
500.1505 Premium finance company; license; revocation or suspension; grounds; hearing; penalty; appeal; remuneration; applicability of subsection (4). Sec. 1505. (1) The commissioner may revoke or suspend the license of a premium finance company if after investigation it appears to the commissioner that any of the following has occurred: (a) Any license issued to the company […]
500.1506 Premium finance transaction records; examination; preservation. 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 […]
500.1507 Insurance commissioner; regulatory powers. Sec. 1507. The commissioner may make and enforce such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this chapter. The rules shall be promulgated in accordance […]
500.1508 Premium finance agreement; requirements; specifications; items; subsidiary companies. Sec. 1508. (1) A premium finance agreement shall: (a) Be dated, signed by or on behalf of the insured, and the printed portion thereof shall be in at least 8-point type. (b) Contain the name and place of business of the insurance agent negotiating the related […]
500.1509 Premium finance company; authorized charges; service charge; amending original contract where balance of premium due changed. Sec. 1509. (1) A premium finance company shall not charge, contract for, receive, or collect any charge other than as permitted by this chapter. (2) The service charge shall be computed on the balance of the premiums due, […]
500.1510 Insurance premium finance agreement; delinquency charge; cancellation charge. Sec. 1510. (1) An insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of $1.00 to a maximum of 5% of the amount of the delinquent installment payment on any installment payment that is in default for a period […]
500.1511 Premium finance agreement; cancellation of insurance, procedure, notice, refund. Sec. 1511. (1) When a premium finance agreement empowers the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be canceled by the premium finance company unless such cancellation is effectuated in accordance […]
500.1512 Premium finance agreement; filing not required. Sec. 1512. No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrances, successors or assigns. History: Add. 1968, Act 352, Eff. Nov. 15, 1968 Popular Name: Act 218
500.1513 Existing companies; license, fee. Sec. 1513. Any person who has been engaged in the business as a premium finance company in this state which premium finance company has paid-up capital and surplus of at least $20,000.00 and whose fiscal solvency, general operation and financial condition has been investigated or audited and approved by the […]
500.1514 Insurance commissioner and employees; statement of expenses and charges, payment; employment of expert personnel. 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 […]
