Section 500.1216 Solicitor as Fiduciary; Accounting Methods; Examination of Records; Remuneration of Person Acting as Agent or Solicitor.

MI Comp L § 500.1216 (2019) (N/A)

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Sec. 1216.

(1) A solicitor shall be a fiduciary for all moneys received or held by him in his capacity as a solicitor. Failure by a solicitor in a timely manner to turn over the moneys which he holds in a fiduciary capacity to the persons to whom they are owed is prima facie evidence of violation of the solicitor's fiduciary responsibility.

(2) A solicitor shall use reasonable accounting methods to record funds received in his fiduciary capacity. The records required by this section shall be open to examination by the commissioner.

(3) A solicitor shall not reward or remunerate a person for procuring or inducing business in this state, furnishing leads or prospects or acting in any other manner as an agent or solicitor.

History: Add. 1972, Act 133, Eff. Mar. 30, 1973 Popular Name: Act 218

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Section 500.1214 Solicitor; Application for License and Notice of Appointment; Forms; Examination Required; Program of Study as Condition to Examination; Waiver of Examination or Program of Study; Investigations and Interrogatories; Decision; Issuance of License; Qualifications; Disclosures; Acting on Behalf of Sponsoring Agent; Contents of License; Person Licensed as Solicitor for Casualty Insurance Permitted to Act as Solicitor for Legal Expense Insurance; Duration and Surrender of License; Reexamination; Notice.

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Section 500.1218 Termination of Solicitor's Authority to Represent Agent; Notice; Disclosure; Liability of Agent.