MI HB4888

Prohibits insurers from using credit information or insurance scores as any part of a decision to deny, cancel, or nonrenew personal insurance policies under chapters 21, 24, and 26.

Allows credit information and insurance scores only to determine premium installment payment options and availability.

Requires insurers to disclose to applicants that credit information may be obtained, prohibits using income, gender, address, zip code, ethnicity, religion, marital status, or nationality in calculating insurance scores, and prohibits penalizing applicants without credit card accounts.

Mandates insurers use credit reports issued within 90 days before applying an insurance score and allows insureds to request updated credit reports and rerating at least once per 12 months.

Effective March 28, 2013, prohibits using specified negative factors in insurance scores including non-consumer-initiated credit inquiries, insurance-related inquiries, and certain multiple lender inquiries within 30 days for mortgages or automobiles.