Mich. Admin. Code R. 550.204
Current through Vol. 24-15, September 1, 2024
Rule 4. If the creditor adds identifiable insurance charges or premiums for credit insurance to the indebtedness, and any direct or indirect finance, carrying, credit, or service charge is made to the debtor on such insurance charges or premiums, the creditor shall remit, and the insurer shall collect, such premium within 60 days after it is added to the indebtedness. However, this time limit may be extended a reasonable amount of time, not to exceed 60 days if, due to the processing of the premium data, the creditor is unable to remit such premium to the insurer within the 60 days.
Mich. Admin. Code R. 550.204