Section R. 493.15 - Insurance certificate or policy; provision to borrower of copy of document evidencing indebtedness or constituting security; consolidation of loans; retention of documents evidencing indebtedness or securityRule 15.
(1) When a licensee obtains insurance on behalf of the borrower in connection with a loan, wherein the premium is paid by the borrower, a properly executed policy or certificate of insurance must be furnished to the borrower within 15 days of the date of the loan. Such policy or certificate must clearly show all of the following:(a) The name of the insurance company.(b) The nature of the insurance.(c) The extent of the coverage.(d) The amount of the premium.(e) The effective date and expiration date of the policy.(2) A licensee shall furnish to a borrower, upon request, a copy of any note, assignment, or other document, that evidences indebtedness or constitutes security and that the borrower is required to sign.(3) Each licensee shall retain the original or a copy of each note, security agreement, or other evidence of indebtedness or security that has been signed by a borrower in favor of the licensee.Mich. Admin. Code R. 493.15
1981 AACS; 1983 AACS; 2020 MR 11, Eff. 6/8/2020