MI HB5419

Adds portable electronics insurance as a new limited lines insurance category, covering repair or replacement of portable electronic devices against loss, theft, mechanical failure, malfunction, or damage

Allows vendors (retailers) and their employees to sell portable electronics insurance without an insurance producer license, provided they complete required training and do not hold themselves out as insurance producers

Requires vendors to provide customers with written disclosures including potential coverage duplication with existing policies, that purchasing insurance is not required to buy the device, material coverage terms, and cancellation rights

Permits vendors to bill and collect insurance charges without maintaining segregated accounts if they remit proceeds to the supervising entity within 60 days; prohibits compensating employees primarily based on insurance enrollment numbers

Establishes enforcement provisions allowing the director to impose administrative fines up to $500 per violation ($5,000 maximum aggregate for same conduct) and suspend vendor privileges or employee authorization for violations