500.127 Guaranteed asset protection waiver; certificate of authority or license not required; issuance not construed as insurance; definitions.
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/mi/chapter-500/500-127A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
500.127 Guaranteed asset protection waiver; certificate of authority or license not required; issuance not construed as insurance; definitions.
Sec. 127.
(1)A guaranteed asset protection waiver that is subject to the guaranteed asset protection waiver act is not insurance or the business of insurance and is not subject to this act.
(2)A person is not required to obtain a certificate of authority or license under this act to market, sell, or offer to sell guaranteed asset protection waivers in compliance with the guaranteed asset protection waiver act to borrowers.
(3)A guaranteed asset protection waiver issued before the effective date of the amendatory act that added this section shall not be construed as insurance.
(4)As used in this section, "borrower" and "guaranteed asset protection waiver" mean those terms as defined in section 3 of the guaranteed asset protection waiver act.
History: Add. 2009, Act 230 , Imd. Eff. Jan. 8, 2010
Popular Name: Act 218
Popular Name: Essential Insurance