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MI SB0346
Bill
AI Summary
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Replaces terminology "guaranteed asset protection waiver" with "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, and persons do not need a certificate of authority or license to sell them in compliance with 2009 PA 229 (MCL 492.21 to 492.34).
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Specifies that motor vehicle financial protection products issued before January 8, 2010 must not be construed as insurance.
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Defines "borrower" and "motor vehicle financial protection product" by reference to their definitions in the Motor Vehicle Financial Protection Products Act, 2009 PA 229.
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Takes effect 180 days after enactment and is contingent on Senate Bill No. 343 of the 102nd Legislature being enacted into law.
Legislative Description
Insurance: other; insurance code exceptions; revise reference to the guaranteed asset protection waiver act. Amends sec. 127 PA 1956 PA 218 (MCL 500.127). TIE BAR WITH: SB 0343'23
Insurance: other
Last Action
Referred To Committee On Regulatory Affairs
5/23/2023