HB5993

Allows insurance producers to charge fees for electronic payments to offset processing costs.

The bill amends Michigan's insurance laws to permit insurance producers to charge fees for electronic payments, such as credit card or electronic check payments, to offset the actual costs incurred for processing these payments. The fee must be disclosed to the insured before the transaction is completed and cannot exceed the actual costs incurred or 10% of the personal lines insurance policy premium, whichever is greater. The fee must be separately itemized on the policy declarations page, billing statement, or other documentation provided to the purchaser.