reglab/housing_qa huggingface dataset:
MI Comp L § 500.1513 (2021)
2021 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 500.1513 - Existing Companies; License, Fee.

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 commissioner on written request and payment of the annual license fee made within 60 days of the effective date of this chapter shall be entitled to a license notwithstanding any other provisions of this chapter. Any premium finance company licensed pursuant to this section, the capital and surplus of which is less than $50,000.00 shall increase its capital and surplus to at least $50,000.00 within 2 years of the date of issuance of its first license hereunder and upon failure to do so such license shall not be further renewed. Nothing in this section shall prevent such company thereafter from being licensed under this act. History: Add. 1968, Act 352, Eff. Nov. 15, 1968 Popular Name: Act 218
MI Comp L § 500.1514 (2021)
2021 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 500.1514 - Insurance Commissioner and Employees; Statement of Expenses and Charges, Payment; Employment of Expert Personnel.

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 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
MI Comp L § 500.1601 (2021)
2021 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.

500.1601 Insurer or producer transacting creditor-placed insurance; scope. 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
MI Comp L § 500.1603 (2021)
2021 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 500.1603 - Private Cause of Action Not Created.

500.1603 Private cause of action not created. Sec. 1603.  This chapter does not create or imply a private cause of action for violation of this chapter and does not extinguish any debtor rights available under common law or other state statute. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1607 (2021)
2021 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 500.1607 - Dates on Which Insurance Effective or Terminated.

500.1607 Dates on which insurance effective or terminated. Sec. 1607.  (1) Creditor-placed insurance shall become effective on the latest of the following dates:  (a) The date of the credit transaction.  (b) The date prior coverage, including prior creditor-placed insurance coverage, lapsed.  (c) One year before the date on which the related insurance charge is made to the debtor's account.  (d) A later date provided for in the agreement between the creditor and insurer.  (2) Creditor-placed insurance shall terminate on the earliest of the following dates:  (a) The date other acceptable insurance becomes effective, subject to the debtor providing acceptable evidence of the other insurance to the creditor.  (b) The date the collateralized personal property is repossessed, unless the property is returned to the debtor within 10 days of the repossession.  (c) The date the collateralized personal property is determined by the insurer to be a total loss.  (d) The date the debt is completely extinguished.  (e) An earlier date specified in the individual policy or certificate of insurance.  (3) An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, and an insurance charge shall not be made to the debtor for creditor-placed insurance before the effective date of the insurance.  (4) If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of 1 year, the debtor shall be notified at least annually that the insurance will be canceled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1609 (2021)
2021 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 500.1609 - Premiums; Calculation; Limitation; Charges Creating Balloon Payment Prohibited.

500.1609 Premiums; calculation; limitation; charges creating balloon payment prohibited. Sec. 1609.  (1) Premiums for creditor-placed insurance coverage may be calculated based on an amount not exceeding the net debt even though the coverage may limit the insurer's liability to the net debt, actual cash value, or cost of repair, or other premium calculation methods that more closely reflect the exposure of each item insured and approximate the premium calculation method of the coverage required by the credit agreement.  (2) An insurer shall not write creditor-placed insurance for which the premium rate differs from that determined by the schedules of the insurer on file with the commissioner. The premium or amount charged to the debtor for creditor-placed insurance shall not exceed the premiums charged by the insurer, computed at the time the charge to the debtor is determined.  (3) A method of billing insurance charges to the debtor on closed-end credit transactions that creates a balloon payment at the end of the credit transaction or extends the credit transaction's maturity date is prohibited, unless specifically disclosed at the time of the origination of the credit agreement and specifically agreed to by the debtor at the time the charge is added to the outstanding credit balance. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1611 (2021)
2021 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 500.1611 - Exclusions.

500.1611 Exclusions. 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
MI Comp L § 500.1613 (2021)
2021 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 500.1613 - Evidence of Insurance Coverage.

500.1613 Evidence of insurance coverage. Sec. 1613.  Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance coverage, or other evidence of insurance coverage shall be mailed, first-class mail, or delivered in person to the last known address of the debtor. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1617 (2021)
2021 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 500.1617 - Refund of Unearned Premium or Other Charges; Statement of Refund; Amount.

500.1617 Refund of unearned premium or other charges; statement of refund; amount. Sec. 1617.  (1) Not later than 60 days after the termination of creditor-placed insurance coverage, and in accordance with sections 2833(1)(h) and 3020(1)(c), an insurer shall refund any unearned premium or other identifiable charges.  (2) Not later than 60 days after the termination date of creditor-placed insurance coverage, the insurer shall provide to the debtor a statement of refund disclosing the effective date, the termination date, the amount of premium being refunded, and the amount of premium charged for the coverage provided.  (3) If coverage under this chapter is not provided, the entire amount of premiums, minimum premiums, fees, or charges of any kind shall be refunded. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1619 (2021)
2021 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 500.1619 - Loss Incurred; Payment; Reduced Net Debt or Actual Cash Value Amounts; Subrogation; Written Statement; Towing and Storage Charges.

500.1619 Loss incurred; payment; reduced net debt or actual cash value amounts; subrogation; written statement; towing and storage charges. Sec. 1619.  (1) If a loss is incurred under a creditor-placed insurance policy, the insurer shall pay, at a minimum, the lesser of the following, determined as of the date of loss:  (a) The cost to repair the collateral less any applicable deductible.  (b) The actual cash value of the collateral, less any applicable deductible.  (c) The net debt, less any applicable deductible. The method of calculation of net debt payable pursuant to this subdivision shall be identical to the method of calculation of net debt for payment of premiums pursuant to section 1609(1).  (d) If single interest insurance is provided, the amount by which the creditor's interest is impaired.  (2) The net debt or actual cash value amounts in subsection (1) may be reduced by the value of salvage if the insurer does not take possession of the insured property.  (3) In the event of a loss, no subrogation shall run against the debtor from the insurer.  (4) Whenever a claim is made on a creditor-placed insurance policy, the insurer shall furnish to the claimant a written statement of the loss explaining the settlement amount and the method of settlement.  (5) A creditor or insurer shall not abandon salvage to a towing or storage facility in lieu of payment of storage fees without the consent of the facility and the claimant. The insurer shall be responsible for the payment of towing and storage charges for a covered loss occurrence from the time the claim is reported to the insurer in accordance with the terms of the policy to the time the claim is paid. The insurer shall give written notice to the claimant when the claim is paid that the claimant may incur storage charges after the date the claim is paid. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1621 (2021)
2021 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 500.1621 - Insurance on Collateral; Conditions.

500.1621 Insurance on collateral; conditions. Sec. 1621.  (1) For a creditor to place insurance on collateral pledged by the debtor and pass the cost of the insurance on to the debtor, all of the following must be met:  (a) The creditor must have a security interest in the collateral.  (b) The credit agreement must require the debtor to maintain insurance on the collateral to protect the creditor's interest.  (c) The credit agreement must authorize the creditor to place the insurance if the debtor fails to provide evidence of the insurance.  (d) The requirements listed in subdivisions (a) to (c) must be clearly disclosed to the debtor at the inception of the credit transaction.  (2) A debtor has the right to provide required insurance through existing policies of insurance owned or controlled by the debtor or of procuring and furnishing the required coverage through an insurer authorized to transact insurance within this state. However, a creditor may establish maximum acceptable deductibles, insurer solidity standards, and other reasonable conditions with respect to the required insurance. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1627 (2021)
2021 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 500.1627 - Investigations or Examinations; Enforcement; Hearing; Consent Agreement; Injunctive Relief.

500.1627 Investigations or examinations; enforcement; hearing; consent agreement; injunctive relief. Sec. 1627.  (1) In addition to other powers under this act, the commissioner may conduct investigations or examinations of insurers and producers to ensure compliance with and enforcement of the provisions of this chapter.  (2) Upon finding that an insurer or producer has violated a provision of this chapter or a regulation promulgated under this chapter, the commissioner may issue an order directing that the insurer or producer cease and desist from committing the violations, impose a civil penalty for the violations, provide an equitable remedy for past violations, or any combination of these.  (3) Upon the issuance of an order under subsection (2), the insurer or producer may request a hearing. At the hearing, the burden shall be on the insurer or producer to show cause why an order issued pursuant to subsection (2) should be annulled, modified, or confirmed. Pending the hearing and the decision by the commissioner, the commissioner shall suspend the effective date of the order. Not more than 60 days after the hearing, the commissioner shall enter an order of final determination that shall specify all relevant findings of fact, conclusions of law, and orders. With the agreement of each affected insurer or producer, and in lieu of a hearing, the commissioner may enter into a consent agreement disposing of the matters that would be the subject of the hearing and order.  (4) The commissioner may bring an action in the circuit court for Ingham county for an injunction or other appropriate relief to enjoin threatened or existing violations of this chapter or of the commissioner's orders or regulations or for restitution on behalf of persons aggrieved by a violation of this chapter or of the commissioner's orders or regulations. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1629 (2021)
2021 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 500.1629 - Judicial Review; Court Order.

500.1629 Judicial review; court order. Sec. 1629.  (1) A person aggrieved by a final order, decision, finding, ruling, action, or inaction provided for under this chapter may seek judicial review as provided in section 244.  (2) To the extent that the order or final determination of the commissioner is affirmed, the court shall issue its own order commanding obedience to the terms of the commissioner's order or final determination. If either party applies to the court for leave to produce additional evidence, and shows to the satisfaction of the court that the additional evidence is material and that there were reasonable grounds for the failure to produce the evidence in the proceeding before the commissioner, the court may order the additional evidence to be taken before the commissioner and to be produced in a hearing in the manner and upon the terms and conditions the court considers proper. The commissioner may modify the findings of fact or make new findings by reason of the additional evidence taken and shall file the modified or new findings with a recommendation, if any, for the modification or setting aside of the original order or final determination, with the return of the additional evidence.  (3) An order issued by the commissioner under section 1627 shall become final upon the expiration of the time allowed for filing a petition for review if no petition has been duly filed within that time, except that the commissioner may thereafter modify or set aside the order to the extent provided in section 1627 or upon the final decision of the court if the court directs that the order of the commissioner be affirmed or the petition for review dismissed.  (4) An order of the commissioner under this chapter or an enforcement order of a court does not relieve or absolve any person affected by the order from liability under any other laws of this state. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1631 (2021)
2021 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 500.1631 - Violation of Order of Commission; Penalty.

500.1631 Violation of order of commission; penalty. Sec. 1631.  An insurer that violates an order of the commissioner under this chapter shall be afforded a hearing before the commissioner under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. If the commissioner finds a violation has occurred, the commissioner may order either or both of the following:  (a) Payment of a monetary penalty of not more than $1,000.00 for each violation, but not to exceed an aggregate penalty of $100,000.00, unless the violation was committed in a conscious and flagrant disregard of this chapter, in which case the commissioner may order the payment of a monetary penalty of not more than $25,000.00 for each violation, but not to exceed an aggregate penalty of $250,000.00.  (b) Suspension or revocation of the insurer's license. History: Add. 2002, Act 655, Eff. Mar. 23, 2003 Popular Name: Act 218
MI Comp L § 500.1701 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17 - Chapter 17 Risk Management and Own Risk and Solvency Assessment (500.1701...500.1715)|Section 500.1701 - Definitions.

500.1701 Definitions.Sec. 1701.  As used in this chapter:  (a) "Insurance group" means, for the purpose of conducting an ORSA, insurers and affiliates included within an insurance holding company system.  (b) "Insurer" means that term as defined in section 106. Insurer also includes a fraternal benefit society as that term is defined in section 8164 and a nonprofit dental care corporation operating under 1963 PA 125, MCL 550.351 to 550.373. Insurer does not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.  (c) "NAIC" means the National Association of Insurance Commissioners.  (d) "Own risk and solvency assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by the insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks.  (e) "ORSA guidance manual" means the own risk and solvency assessment guidance manual as adopted and prescribed by the director. A change in the ORSA guidance manual is effective on the January 1 following the calendar year in which the changes have been adopted and prescribed by the director.  (f) "ORSA summary report" means a confidential high-level summary of an insurer or insurance group's ORSA. History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1703 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17 - Chapter 17 Risk Management and Own Risk and Solvency Assessment (500.1701...500.1715)|Section 500.1703 - Risk Management Framework.

500.1703 Risk management framework.Sec. 1703.  An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218