Michigan Laws 492.31 – Commissioner; enforcement of act; notice and hearing; actions
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Terms Used In Michigan Laws 492.31
- Administrator: means a person, other than a creditor or insurer, that performs administrative or operational functions in connection with a guaranteed asset protection waiver program. See Michigan Laws 492.23
- Commissioner: means the commissioner of the office of financial and insurance regulation in the department of energy, labor, and economic growth. See Michigan Laws 492.23
- Creditor: means a person that extends credit to a borrower in connection with the purchase of a motor vehicle; an assignee of that person; a lessor of a motor vehicle; or an assignee of that lessor. See Michigan Laws 492.23
- Guaranteed asset protection waiver: means a contractual agreement in which a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of a motor vehicle. See Michigan Laws 492.23
- Person: means an individual, limited liability company, partnership, association, corporation, governmental entity, or any other legal entity. See Michigan Laws 492.23
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
The commissioner may take any action he or she determines is necessary or appropriate to enforce this act and to protect guaranteed asset protection waiver holders in this state, including, but not limited to, doing any of the following after proper notice and an opportunity for hearing under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328:
(a) Order a creditor, administrator, or any other person that does not comply with this act to cease and desist from further guaranteed asset protection waiver-related operations that violate this act.
(b) Assess an administrative fine of not more than $500.00 against a person for a violation of this act. However, the commissioner may not assess administrative fines under this act against any person that in the aggregate are more than $20,000.00 for multiple violations of a similar nature. For purposes of this subdivision, “similar nature” means that the violations consist of the same or a similar course of conduct, action, or practice, regardless of the number of times that action, conduct, or practice occurs.