Title 56, Insurance

(a) The commissioner may revoke or suspend the license of any premium finance company when after investigation the commissioner finds that:(1) The license issued to the company was obtained by fraud;(2) There was any misrepresentation in the application for the license;(3) The ho…

(a) Every licensee shall maintain corporate and accounting records, including complete 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 during regular business hours e…

(a) A premium finance agreement shall:(1) Be dated and signed by the insured or on behalf of the insured by a power of attorney, and its printed portion shall be in at least eight-point type;(2) Contain the name and place of business of the insurance agent negotiating the related…

(a) A premium finance company shall not charge, or contract for an interest charge, other than as permitted by this chapter. (b) The interest is to be computed on the balance of the premiums due, after subtracting the down payment made by the insured in accordance with the premiu…

(1) No licensee under this chapter has the power to charge premium loan charges other than, or in amounts greater than, the following:(1) Licensees may charge, in the case of the precomputed loan, a service charge in an amount equal to four percent (4%) of the total amount of the…

(a) When a premium finance agreement contains a power of attorney enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless the cance…

(a) Whenever a financed insurance contract is cancelled, the insurer shall return whatever gross unearned premiums are due under the insurance contract directly to the premium finance company for the account of the insured or insureds as soon as reasonably possible, but in no eve…

(a) A premium finance company, seller, building or savings and loan association, bank, trust company, industrial loan and thrift company or credit union authorized to do business in this state that finances insurance premiums, shall be deemed to have a perfected assignment and se…

Any premium finance company that willfully and knowingly violates any section of this chapter commits a Class C misdemeanor.

(1) This chapter does not apply to:(1) The financing of insurance premiums by any seller who sells goods or services pursuant to an installment sale contract wherein a time price differential is charged, or to any building or savings and loan association, bank, trust company, ind…

This chapter is reenacted in its entirety as amended by chapter 414 of the Public Acts of 1981, and shall continue to be entitled the “Premium Finance Company Act of 1980.”

(a) In addition to any other powers imposed upon the commissioner by law, the commissioner is authorized to require persons subject to this chapter to be licensed through a multi-state automated licensing system. Pursuant to this authority, the commissioner may:(1) Promulgate any…

The commissioner is authorized to use a multi-state automated licensing system as an agent for channeling information, whether criminal or noncriminal in nature, and whether derived from or distributed to the United States department of justice, any other state or federal governm…

(1) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:(1) The requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multi-state automated l…