Michigan Laws 550.610 – Policy or certificate; delivery to debtor
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Terms Used In Michigan Laws 550.610
- Debtor: means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Michigan Laws 550.603
- Indebtedness: means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction. See Michigan Laws 550.603
The individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except as hereinafter provided.