500.1611 Exclusions.
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/mi/chapter-500/500-1611A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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