Mich. Admin. Code R. 550.215 - Disclosure

Current through Vol. 22-05, April 1, 2022

Rule 15. When a premium or identifiable charge is payable by a debtor for credit insurance coverage offered by a creditor, at the time such insurance is applied for, disclosures shall be made to the principal debtor and copies given and retained in accordance with state and federal law. The creditor shall also disclose the optional nature of the coverage, premium, or identifiable charge separately by type of coverage. These disclosures may be made in conjunction with any of the following:

(a) The federal truth-in-lending disclosure.
(b) A notice of proposed insurance.
(c) The application for insurance.

Notes

Mich. Admin. Code R. 550.215
1987 AACS

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