May 26, 2009, Introduced by Reps. Johnson and Melton and referred to the Committee on Insurance.
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 installment buyers.
(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, "guaranteed asset protection
waiver" and "installment buyer" 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) Senate Bill No.____ or House Bill No. 4989(request no.
01431'09).
(b) Senate Bill No.____ or House Bill No. 4991(request no.
03124'09).
(c) Senate Bill No.____ or House Bill No. 4992(request no.
03362'09).