Mich. Admin. Code R. 493.15 - Insurance certificate or policy; provision to borrower of copy of document evidencing indebtedness or constituting security; consolidation of loans; retention of documents evidencing indebtedness or security
Rule 15.
(1) When a
licensee obtains insurance on behalf of the borrower in connection with a loan,
wherein the premium is paid by the borrower, a properly executed policy or
certificate of insurance must be furnished to the borrower within 15 days of
the date of the loan. Such policy or certificate must clearly show all of the
following:
(a) The name of the insurance
company.
(b) The nature of the
insurance.
(c) The extent of the
coverage.
(d) The amount of the
premium.
(e) The effective date and
expiration date of the policy.
(2) A licensee shall furnish to a borrower,
upon request, a copy of any note, assignment, or other document, that evidences
indebtedness or constitutes security and that the borrower is required to
sign.
(3) Each licensee shall
retain the original or a copy of each note, security agreement, or other
evidence of indebtedness or security that has been signed by a borrower in
favor of the licensee.
Notes
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