Michigan § 500.1502 - Insurance premium finance companies; definitions.
Full text of Michigan Michigan Compiled Laws § 500.1502 — Insurance premium finance companies; definitions. , with citation guidance and answers to common questions.
§ 500.1502. Insurance premium finance companies; definitions.
As used in this chapter:
"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.
"Insurance premium finance company" means a person engaged in the business of entering into insurance premium finance agreements.
"Licensee" means a premium finance company holding a license issued by the commissioner under this chapter.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.1502
What does Michigan Compiled Laws § 500.1502 cover?
Section 500.1502 ("Insurance premium finance companies; definitions. ") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 500.1502?
A common citation format is "Michigan Compiled Laws § 500.1502" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 500.1502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.