Insurance: other; portable electronics insurance; provide for. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding ch. 12C. TIE BAR WITH: SB 1069'24, SB 1070'24, SB 1071'24, SB 1072'24, SB 1073'24, SB 1074'24, SB 1075'24, SB 1077'24, SB 1078'24

This bill proposes to add a new chapter to Michigan's insurance code to regulate portable electronics insurance. It defines key terms such as "vendor," "customer," and "portable electronic device" to establish a legal framework for offering coverage on repairs or replacements due to theft, damage, or mechanical failure. The legislation creates a specific license category for vendors who wish to sell this insurance directly to customers rather than through traditional insurance producers. However, the bill does not take effect immediately; it is contingent upon the simultaneous enactment of several other related bills in the same legislative package.