Mich. Comp. Laws § 500.1506
Premium finance transaction records; examination; preservation.
Michigan · Michigan Compiled Laws — THE INSURANCE CODE OF 1956 (Act 218 of 1956) · Status: effective
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- Mich. Comp. Laws § 500.1506, Premium finance transaction records; examination; preservation, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1367517
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Full text
(1) A licensee shall maintain records of its premium finance transactions and the records shall be open to examination and investigation by the commissioner. The commissioner may at any time require a licensee to bring records as the commissioner may direct to the commissioner's office for examination.
(2) A licensee shall preserve its records of premium finance transactions, including cards used in a card system, for at least 3 years after making the final entry in respect to a premium finance agreement. The preservation of records in the form of reproductions pursuant to the records media act constitutes compliance with this requirement, except that a record shall not be reduced to such form until at least 2 years after the final entry is made in the record.