PRIVATE MORTGAGE INSURANCE - H.B. 5692 (S-1): FLOOR ANALYSIS

House Bill 5692 (Substitute S-1 as reported)

Sponsor: Representative Samuel Buzz Thomas III

House Committee: Commerce

Senate Committee: Financial Services

CONTENT

The bill would amend the Insurance Code to exclude a policy of mortgage guaranty insurance from the Code's prohibition under which a casualty insurance policy may not be issued unless the policy contains certain specified provisions pertaining to its cancellation. (That is, a mortgage guaranty insurance policy could be issued without the specified cancellation provisions.)

MCL 500.3020 - Legislative Analyst: P. Affholter

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed: 9-21-98 - Fiscal Analyst: M. TyszkiewiczFLOOR\HB5692 - Analysis available @ http://www.michiganlegislature.org

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.