™Your Policy Risk Impact Agent
4 chapters · 46 sections in this title.
Mich. Comp. Laws § 492.21 Short title.
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Sec. 1. This act shall be known and may be cited as the "guaranteed asset protection waiver act".
Mich. Comp. Laws § 492.23 Definitions.
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Sec. 3. As used in this act: (a) "Administrator" means a person, other than a creditor or insurer, that performs administrative or operational functions in connection with a guaranteed asset protection waiver program. (b) "Borrower" means a person that purchases, agrees to purcha…
Mich. Comp. Laws § 492.25 Offering, selling, or providing guaranteed asset protection waiver; requirements; contractual liability or other insurance policy.
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Sec. 5. (1) All of the following apply to offering, selling, or providing a guaranteed asset protection waiver to a borrower in this state: (a) Beginning 180 days after the effective date of this act, a creditor that offers, sells, or provides a guaranteed asset protection waiver…
Mich. Comp. Laws § 492.27 Disclosure; contents.
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Sec. 7. A guaranteed asset protection waiver must disclose, in writing and in clear, understandable language that is easy to read, all of the following, if applicable: (a) The name and address of the initial creditor and the borrower at the time of sale, and the identity of any a…