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MI HB5432
Bill
Status
10/20/2021
Primary Sponsor
Kevin Hertel
Click for details
AI Summary
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Changes terminology throughout Section 127 of the Insurance Code from "guaranteed asset protection waiver" to "motor vehicle financial protection product"
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Clarifies that motor vehicle financial protection products are not insurance and are not subject to the Insurance Code of 1956
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Removes requirement for persons to obtain a certificate of authority or insurance license to market, sell, or offer motor vehicle financial protection products in compliance with 2009 PA 229
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Updates cross-references to align with the Motor Vehicle Financial Protection Products Act, 2009 PA 229 (MCL 492.21 to 492.34)
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Takes effect 180 days after enactment and is contingent on passage of either Senate Bill No. ____ or House Bill No. 5429
Legislative Description
Insurance: other; insurance code exceptions; revise reference to the guaranteed asset protection waiver act. Amends sec. 127 of 1956 PA 218 (MCL 500.127).
Insurance: other
Last Action
Referred To Second Reading
5/10/2022