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MI HB4990
Bill
Status
12/31/2009
Primary Sponsor
Bertram Johnson
Click for details
AI Summary
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Guaranteed asset protection waivers are excluded from insurance regulation and are not considered insurance or the business of insurance under Michigan insurance law.
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Persons marketing, selling, or offering guaranteed asset protection waivers do not need to obtain a certificate of authority or license under the Insurance Code when complying with the Guaranteed Asset Protection Waiver Act.
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Guaranteed asset protection waivers issued before the effective date of this amendment are retroactively not construed as insurance.
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Terms "borrower" and "guaranteed asset protection waiver" are defined by reference to section 3 of the Guaranteed Asset Protection Waiver Act.
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Effective date is contingent upon concurrent enactment of House Bills 4989, 4991, and 4992; took effect January 8, 2010.
Legislative Description
Consumer protection; retail installment sales; guaranteed asset protection waivers in certain installment sale contracts for vehicles; exclude from insurance code. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 127. TIE BAR WITH: HB 4989'09, HB 4991'09, HB 4992'09
Trade, vehicles
Last Action
Assigned Pa 230'09 With Immediate Effect 2009 Addenda
12/31/2009