Michigan § 500.1510 - Insurance premium finance agreement; delinquency charge; cancellation charge.
Full text of Michigan Michigan Compiled Laws § 500.1510 — Insurance premium finance agreement; delinquency charge; cancellation charge., with citation guidance and answers to common questions.
§ 500.1510. Insurance premium finance agreement; delinquency charge; cancellation charge.
An insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of $1.00 to a maximum of 5% of the amount of the delinquent installment payment on any installment payment that is in default for a period of 10 days or more. However, an insurance premium finance agreement shall not provide for the payment by the insured of a delinquency charge that exceeds $5.00 on any installment that is in default for a period of 10 days or more for either of the following:
An insurance premium finance agreement that finances an insurance contract primarily for a personal, family, or household purpose.
An insurance premium finance agreement, the annual premium of which does not exceed $10,000.00, that is issued to a nonprofit organization exempt from taxation under section 501 of the internal revenue code of 1986, 26 U.S.C. 501.
If a default under subsection (1) results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge equal to the difference between any delinquency charge imposed in respect to the installment in default and $5.00.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.1510
What does Michigan Compiled Laws § 500.1510 cover?
Section 500.1510 ("Insurance premium finance agreement; delinquency charge; cancellation charge.") 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 § 500.1510?
A common citation format is "Michigan Compiled Laws § 500.1510" (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 § 500.1510 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.