MI SB1074

Adds Section 1296 to the Michigan Insurance Code to authorize the director to enforce penalties against vendors or their employees/representatives who violate the portable electronics insurance chapter.

Allows the director to impose administrative fines of up to $500 per violation, with an aggregate cap of $5,000 for multiple violations involving the same conduct, action, or practice.

Authorizes the director to impose additional penalties including suspension of a vendor's limited line portable electronics insurance producer license or suspension/revocation of individual employees' or authorized representatives' ability to act under the vendor's license.

Takes effect only if all of Senate Bills 1069, 1070, 1071, 1072, 1073, 1075, 1076, 1077, and 1078 are enacted into law.