A bill to amend 1956 PA 218, entitled “The insurance code of 1956,” by amending section 1510 (MCL 500.1510), as amended by 1994 PA 6.
Amends Michigan's insurance code to regulate delinquency and cancellation charges in insurance premium finance agreements and introduces new rules allowing premium finance companies to charge insured individuals fees for electronic payments, provided these fees reflect actual processing costs and are disclosed with consumer protections.
Introduced
by
Referred to the Committee on Insurance
