Bill Text: MI SB0346 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Insurance: other; insurance code exceptions; revise reference to the guaranteed asset protection waiver act. Amends sec. 127 PA 1956 PA 218 (MCL 500.127). TIE BAR WITH: SB 0343'23
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: (Introduced) 2023-05-23 - Referred To Committee On Regulatory Affairs [SB0346 Detail]
Download: Michigan-2023-SB0346-Introduced.html
SENATE BILL NO. 346
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
by amending section 127 (MCL 500.127), as added by 2009 PA 230.
the people of the state of michigan enact:
Sec. 127. (1) A guaranteed asset motor vehicle financial protection waiver product that is subject to the guaranteed asset motor vehicle financial protection waiver products act, 2009 PA 229, MCL 492.21 to 492.34, is not insurance or the business of insurance and is not subject to this act.
(2) A person is not required to obtain a certificate of authority or license under this act to market, sell, or offer to sell guaranteed asset motor vehicle financial protection waivers products in compliance with the guaranteed asset motor vehicle financial protection waiver products act, 2009 PA 229, MCL 492.21 to 492.34, to borrowers.
(3) A guaranteed asset motor vehicle financial protection waiver product issued before the effective date of the amendatory act that added this section shall January 8, 2010 must not be construed as insurance.
(4) As used in this section: , "borrower" and "guaranteed asset
(a) "Borrower" means that term as defined in section 4 of the motor vehicle financial protection products act, 2009 PA 229, MCL 492.24.
(b) "Motor vehicle financial protection waiver" mean those terms product" means that term as defined in section 3 of the guaranteed asset motor vehicle financial protection waiver products act, 2009 PA 229, MCL 492.23.
Enacting section 1. This amendatory act takes effect, and applies to a motor vehicle financial protection product that becomes effective on or after, 180 days after the date this amendatory act is enacted into law.
Enacting section 2. This amendatory act does not take effect unless Senate Bill No. 343 of the 102nd Legislature is enacted into law.
