VIATICAL SETTLEMENT CONTRACTS (EXCERPT) Act 386 of 1996
550.523 Disclosure of information.
Sec. 3.
A provider shall disclose all of the following information to the viator no later than the date the contract is signed by the viator:
(a) Options other than the contract for a person with a terminal illness or condition, including accelerated benefits offered by the issuer of the policy.
(b) That some or all of the contract consideration may be taxable, and that assistance should be sought from a personal tax advisor.
(c) That the contract consideration could be subject to the claims of creditors.
(d) That receipt of the contract consideration may adversely affect the viator's eligibility for government benefits or entitlements.
(e) The viator's right to rescind the contract within 30 days after the date the contract is executed or within 15 days after the receipt of the contract consideration by the viator, whichever is less.
(f) The date by which the contract consideration will be available to the viator and the source of the consideration.
History: 1996, Act 386, Eff. Mar. 31, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
VIATICAL SETTLEMENT CONTRACTS (EXCERPT) Act 386 of 1996
550.523 Disclosure of information.
Sec. 3.
A provider shall disclose all of the following information to the viator no later than the date the contract is signed by the viator:
(a) Options other than the contract for a person with a terminal illness or condition, including accelerated benefits offered by the issuer of the policy.
(b) That some or all of the contract consideration may be taxable, and that assistance should be sought from a personal tax advisor.
(c) That the contract consideration could be subject to the claims of creditors.
(d) That receipt of the contract consideration may adversely affect the viator's eligibility for government benefits or entitlements.
(e) The viator's right to rescind the contract within 30 days after the date the contract is executed or within 15 days after the receipt of the contract consideration by the viator, whichever is less.
(f) The date by which the contract consideration will be available to the viator and the source of the consideration.
History: 1996, Act 386, Eff. Mar. 31, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
VIATICAL SETTLEMENT CONTRACTS (EXCERPT) Act 386 of 1996
550.523 Disclosure of information.
Sec. 3.
A provider shall disclose all of the following information to the viator no later than the date the contract is signed by the viator:
(a) Options other than the contract for a person with a terminal illness or condition, including accelerated benefits offered by the issuer of the policy.
(b) That some or all of the contract consideration may be taxable, and that assistance should be sought from a personal tax advisor.
(c) That the contract consideration could be subject to the claims of creditors.
(d) That receipt of the contract consideration may adversely affect the viator's eligibility for government benefits or entitlements.
(e) The viator's right to rescind the contract within 30 days after the date the contract is executed or within 15 days after the receipt of the contract consideration by the viator, whichever is less.
(f) The date by which the contract consideration will be available to the viator and the source of the consideration.
History: 1996, Act 386, Eff. Mar. 31, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
