§ 500.1501 Inapplicability of chapter
§ 500.1501a Financial institutions; application of chapter
§ 500.1502 Insurance premium finance companies; definitions
§ 500.1503 License requirements; violation, penalty; fees, renewal, application
§ 500.1504 License investigation of applicant; issuance, grounds, hearing, bond
§ 500.1505 Premium finance company; license; revocation or suspension; grounds; hearing; penalty; appeal; remuneration; applicability of subsection (4)
§ 500.1506 Premium finance transaction records; examination; preservation
§ 500.1507 Insurance commissioner; regulatory powers
§ 500.1508 Premium finance agreement; requirements; specifications; items; subsidiary companies
§ 500.1509 Premium finance company; authorized charges; service charge; amending original contract where balance of premium due changed
§ 500.1510 Insurance premium finance agreement; delinquency charge; cancellation charge
§ 500.1511 Premium finance agreement; cancellation of insurance, procedure, notice, refund
§ 500.1512 Premium finance agreement; filing not required
§ 500.1513 Existing companies; license, fee
§ 500.1514 Insurance commissioner and employees; statement of expenses and charges, payment; employment of expert personnel

Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 15 - Insurance Premium Finance Companies

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Authority: means the local community stabilization authority created under the local community stabilization authority act. See Michigan Laws 205.92c
  • Chlorofluorocarbon compound: means trichloromonofluoromethane (CFCl3) (propellant 11), dichlorodifluoromethane (CF2Cl2) (propellant 12), or tetrafluorodichloroethane (C2F4Cl2) (propellant 14). See Michigan Laws 336.101
  • Commissioner: means the director. See Michigan Laws 500.102
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Department: means the department of public health. See Michigan Laws 336.101
  • Department: means the department of licensing and regulation. See Michigan Laws 338.21
  • Department: means the department of insurance and financial services. See Michigan Laws 500.102
  • Director: means the director of the department. See Michigan Laws 338.21
  • Dispose: means an activity that transitions industrial hemp into a nonretrievable or noningestible form of industrial hemp under section 407. See Michigan Laws 333.29103
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Felony: means a violation of a penal law of this state for which the offender may be punished by imprisonment for more than 1 year or an offense expressly designated by law as a felony. See Michigan Laws 338.41
  • Fraud: Intentional deception resulting in injury to another.
  • good moral character: when used as a requirement for an occupational or professional license or when used as a requirement to establish or operate an organization or facility regulated by this state in a statute of this state or administrative rules promulgated under a statute of this state, means the propensity on the part of an individual to serve the public in the licensed area in a fair, honest, and open manner. See Michigan Laws 338.41
  • Grower: means a person that is required to be registered under section 201. See Michigan Laws 333.29103
  • Industrial hemp: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 333.29103
  • insurance contract: means a contract of insurance, indemnity, suretyship, or annuity issued or proposed or intended for issuance by a person engaged in the business of insurance. See Michigan Laws 500.116
  • Insurance premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent in payment of premiums on an insurance contract together with a service charge as authorized and limited by this chapter. See Michigan Laws 500.1502
  • Insurance premium finance company: means a person engaged in the business of entering into insurance premium finance agreements. See Michigan Laws 500.1502
  • Insurance producer: means that term as defined in section 1201. See Michigan Laws 500.116
  • Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • License: includes a registration. See Michigan Laws 338.41
  • Licensee: means a premium finance company holding a license issued by the commissioner under this chapter. See Michigan Laws 500.1502
  • Licensing board or agency: means a principal department, or a board or agency within a principal department, that issues occupational or professional licenses. See Michigan Laws 338.41
  • Local community stabilization share: means the local community stabilization share tax described in section 3(5), authorized by the amendatory act that added this section, and included in the specific tax levied under section 3(1). See Michigan Laws 205.92c
  • Lot: means either of the following:
  (i) A contiguous area in a field, greenhouse, or other indoor growing area that contains the same variety or strain of cannabis throughout. See Michigan Laws 333.29103
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Noncompliant industrial hemp: means industrial hemp that is not in compliance with this act or the rules promulgated under this act. See Michigan Laws 333.29103
  • Nonhydrogenated: means containing no hydrogen. See Michigan Laws 336.101
  • Ozone: means an allotropic, triatomic form of oxygen, chemically described as O3. See Michigan Laws 336.101
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Principal department: means a department that has jurisdiction over a licensing board or agency. See Michigan Laws 338.41
  • Restricted use chlorofluorocarbon compound: means a chlorofluorocarbon compound and those related nonhydrogenated chlorofluorocarbons with similar physical and chemical properties, which the department finds is likely to contribute to the depletion of the ozone layer and by virtue of this depletion creates a present or future risk of harmful effects to human beings or other forms of life. See Michigan Laws 336.101
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • State share: means the state share tax described in section 3(5) and included in the specific tax levied under section 3(1). See Michigan Laws 205.92c
  • Statute: A law passed by a legislature.
  • Tax: includes all taxes, interest, or penalties levied under this act. See Michigan Laws 205.92
  • THC: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 333.29103