HB-4990, As Passed Senate, December 17, 2009

SUBSTITUTE FOR

HOUSE BILL NO. 4990

     A bill to amend 1956 PA 218, entitled

"The insurance code of 1956,"

(MCL 500.100 to 500.8302) by adding section 127.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 127. (1) A guaranteed asset protection waiver that is

subject to the guaranteed asset protection waiver act is not

insurance or the business of insurance and is not subject to this

act.

     (2) A person is not required to obtain a certificate of

authority or license under this act to market, sell, or offer to

sell guaranteed asset protection waivers in compliance with the

guaranteed asset protection waiver act to borrowers.

     (3) A guaranteed asset protection waiver issued before the

effective date of the amendatory act that added this section

shall not be construed as insurance.

     (4) As used in this section, "borrower" and "guaranteed asset

protection waiver" mean those terms as defined in section 3 of the

guaranteed asset protection waiver act.

     Enacting section 1. This amendatory act does not take effect

unless all of the following bills of the 95th Legislature are

enacted into law:

     (a) House Bill No. 4989.

     (b) House Bill No. 4991.

     (c) House Bill No. 4992.