Sec. 1502. As used in this chapter: (a) "Insurance premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent in payment of premiums on an insurance contract together with a service charge as authorized and limited by this chapter. (b) "Insurance premium finance company" means a person engaged in the business of entering into insurance premium finance agreements. (c) "Licensee" means a premium finance company holding a license issued by the commissioner under this chapter.
Mich. Comp. Laws § 500.1502
Insurance premium finance companies; definitions
Applied in 1 court decision — leading case St. James Inc. v. Cananwill, Inc. (In Re St. James Inc.) (2009)
Most recently applied in St. James Inc. v. Cananwill, Inc. (In Re St. James Inc.) (March 2009)
Add. 1968, Act 352, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.