MICHIGAN COMPILED LAWS

CHAPTER 500. INSURANCE CODE OF 1956

THE INSURANCE CODE OF 1956

CHAPTER 12. AGENTS, SOLICITORS, ADJUSTERS, AND COUNSELORS

§ 500.1243 Insurance agency licenses; lenders' sale of insurance products

(24) A lender may disclose to an affiliated agency or an agent employed by the lender information obtained from a policy of required insurance that the borrower has failed to keep in force, if the information is necessary to obtain the required insurance through the affiliated agency, employee, or elsewhere. If a customer has failed to keep required insurance in force, this section does not prohibit a lender from obtaining the required insurance in accordance with the terms of the loan or from obtaining insurance limited to repayment of the outstanding balance due in the event of loss or damage to property used as collateral on the loan.

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