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MI HB6260
Bill
Status
6/22/2022
Primary Sponsor
Tim Sneller
Click for details
AI Summary
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Renames "guaranteed asset protection waiver" to "motor vehicle financial protection product" throughout section 127 of the Insurance Code of 1956
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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 the requirement for persons to obtain a certificate of authority or license to market, sell, or offer motor vehicle financial protection products in compliance with 2009 PA 229
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Updates definitions to reference section 3 and 4 of the Motor Vehicle Financial Protection Products Act, 2009 PA 229, MCL 492.23-492.24
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Takes effect 180 days after enactment and only if House Bill No. 5429 is also enacted into law
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). TIE BAR WITH: HB 5429'21
Insurance: other
Last Action
Referred To Second Reading
9/21/2022