Michigan Statutes

§ 550.602 — Scope of act.

Michigan § 550.602

JurisdictionMichigan

Ch. 550GENERAL INSURANCE LAWS

Act 173 of 1958CREDIT INSURANCE ACT (550.601-550.624)

This text of Michigan § 550.602 (Scope of act.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 550.602 (2026).

Text

CREDIT INSURANCE ACT (EXCERPT) Act 173 of 1958 550.602 Scope of act. Sec.

2.All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this act except such insurance sold in connection with loans on dwellings or mobile homes where the term of the loan is in excess of 5 years.

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Legislative History

1958, Act 173, Eff. Sept. 13, 1958 ;-- Am. 1968, Act 97, Imd. Eff. June 7, 1968 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Nearby Sections

15

§ 550.1

Declaration of emergency.

§ 550.1001

§ 550.1002

§ 550.1003

Persons authorized to sell health benefits; packaging health benefits with insurance; notify agent of record; annual appointment fee; "agent of record" defined.

§ 550.1004

Influencing agent prohibited.

§ 550.1004a

Applicability of certain statutory provisions.

§ 550.1005

Compensation of health benefit agents.

§ 550.1006

Authorized agents; requirements, duties, and restrictions; powers of commissioner.

§ 550.1008

Contracts or other arrangements for packaging of health benefits with insurance; policy supplementing health benefits of health maintenance organization.

§ 550.1009

Licensing affiliate of health benefit corporation as insurance agent prohibited.

§ 550.1010

Health benefit agent as fiduciary; evidence of violation of fiduciary responsibility; use of reasonable accounting methods; records required; examination of records; prohibited conduct.

§ 550.1012

Notice of termination of agent's authority; liability; duration of agent's responsibility; cancellation or refusal to renew certificate of subscriber; certain referrals or communications prohibited; records, names of subscribers, and expiration dates of certificates and contracts as property of agent; copies of written communications between health benefit corporations and subscribers; grounds for cancellation of agent's contract or termination of agent's authority; authorizing licensed accident and health insurance agent to sell health benefits.

§ 550.1014

Suspension, revocation, refusal to grant, or refusal to renew accident and health insurance license; grounds; notice; hearing; summary suspension; subpoenas.

§ 550.1016

Violation of act; orders; penalties for violation of cease and desist order; injunction.

§ 550.1018

Construction of act.

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Bluebook (online)

Michigan § 550.602, Counsel Stack Legal Research, https://law.counselstack.com/statute/mi/550.602.