Insurance: other; processing fees; allow premium finance companies to collect. Amends sec. 1510 of 1956 PA 218 (MCL 500.1510).

This bill allows insurance premium finance companies in Michigan to charge fees for processing payments made via credit cards, debit cards, or other electronic methods. The law permits these companies to pass along the actual third-party costs incurred for handling such transactions, provided they notify customers of the fee before the transaction and offer a free alternative payment option like check or cash. Additionally, the bill clarifies rules for delinquency and cancellation charges, limiting fees on personal or low-value policies to $5.00 while allowing higher charges for commercial contracts. These changes aim to enable finance companies to cover their operational expenses for electronic payments without restricting their ability to collect other legally permitted interest and fees.