MI SB1073

Allows employees and authorized representatives of vendors to sell portable electronics insurance without an insurance producer license if the vendor is a limited line portable electronics insurance producer.

Requires the insurer or supervising entity to develop and oversee a training program for vendor employees covering basic instruction on the insurance coverage offered and required disclosures.

Prohibits vendors from compensating employees or authorized representatives primarily based on the number of customers enrolled for portable electronics insurance, though incidental compensation for related activities is permitted.

Authorizes vendors to bill and collect insurance charges on customer bills, with separate itemization for coverage not included in device purchase or lease costs, and allows vendors to hold proceeds in alternative accounts if authorized by the insurer and remitted within 60 days.

Bill is contingent upon enactment of Senate Bills 1069, 1070, 1071, 1072, 1074, 1075, 1076, 1077, and 1078 of the 102nd Legislature.