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MI HB4127
Bill
Status
2/3/2015
Primary Sponsor
Sherry Gay-Dagnogo
Click for details
AI Summary
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Prohibits insurers from using credit information or insurance scores as part of any decision to deny, cancel, or nonrenew personal insurance policies (automobile, home, motorcycle, boat, recreational vehicle, etc.)
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Eliminates prior allowance for insurers to use credit information to determine premium installment payment options and availability
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Repeals existing sections 2154-2161 of the 1956 Insurance Code that previously permitted credit-based rating under specific conditions including disclosures, restrictions on prohibited factors, and regulatory filing requirements
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Removes all prior regulatory safeguards including restrictions on using protected characteristics (income, gender, zip code, ethnicity, religion, marital status, nationality) in insurance scores and requirements for credit report freshness and consumer consent procedures
Legislative Description
Insurance; unfair trade practices; use of credit score to determine insurance premium; prohibit. Amends secs. 2151 & 2153 of 1956 PA 218 (MCL 500.2151 & 500.2153) & repeals secs. 2154 - 2161 of 1956 PA 218 (MCL 500.2154 - 500.2161).
Insurance: unfair trade practices
Last Action
Printed Bill Filed 02/04/2015
2/4/2015