{"data":{"id":"us-mi/mich.-comp.-laws-500.1510","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.1510","heading":"Insurance premium finance agreement; delinquency charge; cancellation charge.","body":"Sec. 1510.\n\nAn insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of $1.00 to a maximum of 5% of the amount of the delinquent installment payment on any installment payment that is in default for a period of 10 days or more. However, an insurance premium finance agreement shall not provide for the payment by the insured of a delinquency charge that exceeds $5.00 on any installment that is in default for a period of 10 days or more for either of the following:\n\nAn insurance premium finance agreement that finances an insurance contract primarily for a personal, family, or household purpose.\n\nAn insurance premium finance agreement, the annual premium of which does not exceed $10,000.00, that is issued to a nonprofit organization exempt from taxation under section 501 of the internal revenue code of 1986, 26 U.S.C. 501.\n\nIf a default under subsection (1) results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge equal to the difference between any delinquency charge imposed in respect to the installment in default and $5.00.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-1510","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"dc0a9593c2fe026c429acaa3d54f2edcb1a444735590833e3eb6d6e7fce3647c","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.1509","next":"us-mi/mich.-comp.-laws-500.1511"},"notice":"GroundRules: Original legal text. Not legal advice."}