Michigan Laws 492.116a – Unexpired insurance premiums; crediting
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 492.116a
- buyer: means a person that buys, hires, or leases a motor vehicle for personal, family, or household use, and not for commercial, business, or agricultural use, under an installment sale contract or a legal successor in interest to that person. See Michigan Laws 492.102
- Holder: means a seller or other person that is currently entitled to the rights of a seller under an installment sale contract. See Michigan Laws 492.102
- seller: means a person engaged in the business of selling, offering for sale, hiring, or leasing motor vehicles under installment sale contracts or a legal successor in interest to that person. See Michigan Laws 492.102
If unexpired insurance premiums received by the seller or holder resulting from the cancellation of insurance which was originally placed by the buyer‘s expense cannot be used in procuring comparable insurance as in section 16, subsection (g), such unexpired insurance premiums shall be credited to the last maturing installments under the contract.