Michigan Compiled Laws, Chapter 550. General Insurance Laws § 550.525

Sec. 5. (1) Upon receipt from the viator of the documents to effect the transfer of the policy, the provider shall deposit the contract consideration in an escrow or trust account managed by a state or federal chartered financial institution, pending acknowledgment of the transfer by the issuer of the policy. The financial institution shall transfer the contract consideration to the viator immediately upon receipt of acknowledgment of the transfer from the insurer.

(2) Failure by the provider to tender the contract consideration as required by this act renders the contract void.