§ 500.7300 Scope of chapter
§ 500.7301 Definitions
§ 500.7302 Corporations authorized to transact title insurance
§ 500.7303 Prerequisites to issuance of certificate of authority
§ 500.7304 Title insurers; powers
§ 500.7305 Unearned premium reserves
§ 500.7306 Claim reserves; requirements
§ 500.7308 Reinsurance; authorization
§ 500.7310 Rating organizations; formation; operation
§ 500.7312 Rates; filing
§ 500.7313 Filing of basic forms of policies; policy commitments and other contracts or agreements
§ 500.7315 Investments; interests in realty
§ 500.7316 Property title information report
§ 500.7317 Licensing of agents or solicitors
§ 500.7318 Effect of act on prior act; liabilities; penalties

Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 73

  • Administrator: means that term as defined in section 105 of the nonprofit act, MCL 450. See Michigan Laws 390.1572
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Commissioner: means the director. See Michigan Laws 500.102
  • Community college: means a community college organized under the community college act of 1966, 1966 PA 331, MCL 389. See Michigan Laws 390.1572
  • 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.
  • 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 community health. See Michigan Laws 390.1592
  • Director: means the director of the department of career development or his or her designee. See Michigan Laws 390.1572
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Fund: means the pregnant and parenting student services fund created in section 3. See Michigan Laws 390.1592
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Institution of higher education: means a degree or certificate granting public or private college or university, junior college, or community college in this state. See Michigan Laws 390.1592
  • 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
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Majority leader: see Floor Leaders
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Nonprofit act: means the nonprofit corporation act, 1982 PA 162, MCL 450. See Michigan Laws 390.1572
  • oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
  • Office: means a pregnant and parenting student services office established and operated by an institution of higher education and described in section 5. See Michigan Laws 390.1592
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Property title information report: means information regarding matters of public record affecting legal title to real property that satisfies both of the following:

    (i) Is provided upon request to a real property owner, a financial institution, a person with a contractual interest in the real property, or to a person licensed under article 25 of the occupational code, Act No. See Michigan Laws 500.7301

  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Public school: means a local school district, a local act school district, a public school academy, a university school, or an intermediate school district established under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1572
  • Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Registered distance learning corporation: means a distance learning corporation incorporated under the nonprofit act and registered under this act. See Michigan Laws 390.1572
  • 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
  • Title insurance: means the insuring, guaranteeing, or indemnifying of designated owners of real estate or any interest in real estate against loss or damage that may result because the title is vested in a manner otherwise than as stated in the title insurance policy, because the title is unmarketable, or because the title is subject to liens, encumbrances, or other matters adversely affecting the rights of use, enjoyment, or disposition of the real estate, and not excepted in the policy, all in accordance with the terms of a title insurance policy approved as to substance and form, or doing anything equivalent in substance to any of the foregoing in a manner designed to evade the provisions of this chapter. See Michigan Laws 500.7301
  • Title insurance policy: means any policy or contract insuring, guaranteeing, or indemnifying against loss or damage suffered by owners of real estate or by other persons interested in the real estate by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to the real estate, or other matters affecting the title to real estate or the right to the use and enjoyment of the real estate, and insuring, guaranteeing, or indemnifying the condition of the title to real estate or the status of any lien on the real estate. See Michigan Laws 500.7301
  • Title insurer: means any domestic, foreign, or alien insurer issuing title insurance, either directly or indirectly, other than reinsurance or coinsurance or both as referred to in section 7308, with respect to any real estate located in this state. See Michigan Laws 500.7301
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o