reglab/housing_qa huggingface dataset:
MI Comp L § 493.4 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.4 - Investigation; Findings; Issuance or Denial of License; Notice; Transcript of Decision and Findings.

493.4 Investigation; findings; issuance or denial of license; notice; transcript of decision and findings. Sec. 4.  (1) Upon the filing of the application, the payment of the fees, and the approval of the bond, the commissioner shall investigate the applicant and if he or she finds that the financial responsibility, experience, character, and general fitness of the applicant are such as to command the confidence of the community and to warrant belief that the business will be operated lawfully, honestly, fairly, and efficiently within the purposes of this act and that the applicant has a net worth in the amounts required under section 2, the commissioner shall issue a license to the applicant to conduct business at the location or locations specified in the application. The license shall remain in effect until it is surrendered by the licensee or revoked or suspended as provided under this act.  (2) If the commissioner finds that the applicant fails to meet the requirements of this act, he or she shall not issue a license and shall notify the applicant of the denial and return to the applicant the bond and fee paid by the applicant, retaining the investigation fee to cover the costs of investigating the application.  (3) The commissioner shall approve or deny every application for license within 60 days from the date that the application was filed with the fees and the approved bond.  (4) If the application is denied, the commissioner shall within 20 days from the date of denial file with the office of financial and insurance services a written transcript of the decision and findings containing the evidence and the reasons supporting the denial and shall serve upon the applicant a copy of the filing. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.4 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MI Comp L § 493.5 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.5 - Licenses; Contents; Posting; Transfer; Assignment.

493.5 Licenses; contents; posting; transfer; assignment. Sec. 5.  (1) Except as otherwise provided under this section, the license shall state the address at which the principal office of the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a co-partnership or association, the names of the members, and if a corporation, the date and place of its incorporation.  (2) The license shall be kept conspicuously posted in the places of business specified in the license.  (3) The license is not transferable or assignable without the prior approval of the commissioner.  (4) The sale, transfer, assignment, or conveyance of more than 25% of the outstanding voting stock of a licensee that is a corporation, or more than 25% of the interest in a licensee that is a partnership or other unincorporated legal entity, shall be considered to be a transfer of the license. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.5 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MI Comp L § 493.6 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.6 - Net Worth; Additional Bond; Filing.

493.6 Net worth; additional bond; filing. Sec. 6.  (1) Every licensee shall maintain at all times net worth in the amount required under section 2.  (2) If the commissioner determines at any time that any bond is insecure, exhausted, or otherwise of doubtful validity or collectability, the commissioner may require the licensee to obtain an additional bond in an amount of not more than $1,000.00. The licensee shall file the new bond within 10 days after the commissioner has issued written demand upon the licensee.  History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.6 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MI Comp L § 493.7 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.7 - Changing Name or Place of Business; Procedure; Activities at More Than 1 Place of Business; Ceasing to Engage in Activities Subject to Act.

493.7 Changing name or place of business; procedure; activities at more than 1 place of business; ceasing to engage in activities subject to act. Sec. 7.  (1) A licensee under this act may change its name or place of business shown on the license by giving prior written notice to the commissioner and returning the license to the commissioner. The commissioner shall amend the license certificate to show the new name or the new place of business and the date of the new certificate.  (2) A licensee may engage in activities for which a license is required at more than 1 place of business by providing not less than 30 days' written notice to the commissioner before opening each additional place of business. This subsection does not apply to any place of business listed in the licensee's approved application for licensure.  (3) A licensee that ceases engaging in business activities that are subject to this act at a place of business shall provide written notice to the commissioner within 30 days. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.7 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 1992, Act 71, Imd. Eff. June 2, 1992 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MI Comp L § 493.8 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.8 - Annual Establishment of Fees Schedule; Bond; Action for Recovery of Fees or Penalties; Fees Nonrefundable; Report; Disposition and Use of Money Received.

493.8 Annual establishment of fees schedule; bond; action for recovery of fees or penalties; fees nonrefundable; report; disposition and use of money received. Sec. 8.  (1) The commissioner shall annually establish the schedule of fees sufficient to pay the costs of administering this act. The fees are as follows:  (a) For the investigation of an applicant for a license, not less than $250.00 or more than $1,000.00, which is not refundable.  (b) For the issuance or annual renewal of a license, an annual operating fee based upon the volume and types of activities conducted by the licensee during the previous calendar year. The annual operating fee set by the commissioner under this subsection shall be based upon information in reports filed under section 11.  (c) For amending a license, not less than $50.00 or more than $100.00.  (2) At the time of paying the annual operating fee, each licensee shall file with the commissioner a bond as required by section 3.  (3) If any fees or penalties provided for in this act are not paid when required, the commissioner may maintain an action against the delinquent licensee for the recovery of the fees or penalties together with interest and costs.  (4) Except as otherwise provided by this act, the fees received under this act are not refundable.  (5) A licensee who fails to submit to the commissioner a report required under section 11 is subject to a penalty of $50.00 for each day the report is delinquent or $5,000.00, whichever is less.  (6) Money received under this act shall be paid into the state treasury to the credit of the office of financial and insurance services and shall be used for the operation of the office of financial and insurance services. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.8 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 1992, Act 71, Imd. Eff. June 2, 1992 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MI Comp L § 493.9 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.9 - Revocation, Suspension, or Surrender of License; Reinstatement or Issuance of New License; Transcript of Order.

493.9 Revocation, suspension, or surrender of license; reinstatement or issuance of new license; transcript of order. Sec. 9.  (1) The commissioner, upon 10 days' written notice to the licensee stating the contemplated action and the grounds for the action, and upon reasonable opportunity to be heard, may revoke any license if he or she finds any of the following:  (a) The licensee has failed, after 5 days' written notice of default, to pay the annual operating fee, to maintain the bond required under this act, or to comply with any demand, ruling, or requirement of the commissioner made under this act.  (b) The licensee either knowingly or without the exercise of due care has violated any provision of this act or any rule made by the commissioner under this act.  (c) Any fact or condition that exists which, if it had existed at the time of the original application for the license, would have warranted the commissioner in refusing originally to issue the license.  (2) If the commissioner finds that probable cause for revocation of any license exists and that the enforcement of the act requires immediate suspension of the license pending investigation, he or she may, upon 3 days' written notice and a hearing, suspend any license for a period not exceeding 30 days.  (3) A licensee may surrender its license by delivering to the commissioner written notice that it surrenders the license. The surrender does not affect the licensee's civil or criminal liability for acts committed before the surrender.  (4) A revocation or suspension or surrender of a license does not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.  (5) The commissioner shall have authority to reinstate suspended licenses or to issue new licenses to a licensee whose license shall have been revoked if no fact or condition exists that clearly would have warranted the commissioner in refusing originally to issue the license.  (6) If the commissioner revokes or suspends a license, he or she shall file with the office of financial and insurance services a written transcript of the order containing the evidence and the reasons supporting the revocation or suspension, and serve upon the licensee a copy of the transcript. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.9 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MI Comp L § 493.9a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.9a - Cease and Desist Order; Grounds; Notice; Failure to Appear at Hearing; Findings; Effective Date and Duration of Order.

493.9a Cease and desist order; grounds; notice; failure to appear at hearing; findings; effective date and duration of order. Sec. 9a.  (1) If in the opinion of the commissioner a licensee is, has, or is about to engage in a practice that poses a threat of financial loss or threat to the public welfare or is, has, or is about to violate a law or rule, the commissioner may serve a notice of intention to issue a cease and desist order as provided in subsection (2).  (2) A notice served under this section shall contain a statement of the facts constituting the alleged practice or violation and fix a time and place at which a hearing will be held to determine whether an order to cease and desist should be issued against the licensee.  (3) If the licensee fails to appear at the hearing by a duly authorized representative, the licensee shall have consented to the issuance of the cease and desist order.  (4) In the event of consent under subsection (3) or if, upon the record made at the hearing, the commissioner finds that the practice or violation specified in the notice has been established, the commissioner may serve upon the licensee an order to cease and desist from the practice or violation. The order may require the licensee and its officers, directors, members, partners, trustees, employees, agents, and control persons to cease and desist from the practice or violation and to take affirmative action to correct the conditions resulting from the practice or violation.  (5) Except as provided in subsection (6) or to the extent it is stayed, modified, terminated, or set aside by the commissioner or a court, a cease and desist order shall become effective on the date of service.  (6) A cease and desist order issued upon consent shall become effective at the time specified in the order and remain effective and enforceable as provided in the order. History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
MI Comp L § 493.9b (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.9b - Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension.

493.9b Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension. Sec. 9b.  (1) As provided in section 10, the commissioner may investigate or conduct an examination of any person and conduct hearings as the commissioner considers necessary to determine whether a licensee or any other person has violated this act, or whether a licensee has conducted business in a manner that would justify suspension or revocation of its license.  (2) Upon the filing of a complaint or the taking of action against a licensee under section 9c, the commissioner may issue and serve upon a licensee an order suspending that person's license. The order shall be supported by an affidavit from a person familiar with the facts set forth in the affidavit and shall contain information that an imminent threat of financial loss or threat to the public welfare exists.  (3) Upon service of the order under subsection (2), the licensee shall have 20 days to file with the commissioner a request for a hearing. The hearing shall be scheduled within 20 days of the receipt of a request filed under this subsection.  (4) A suspension of a license under this section shall continue until the commissioner finds that the threat of financial loss or threat to the public welfare no longer exists. History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
MI Comp L § 493.9d (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.9d - Hearing; Decision; Findings; Judicial Review; Stay.

493.9d Hearing; decision; findings; judicial review; stay. Sec. 9d.  (1) A hearing under sections 9, 9a, and 9c shall be conducted under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Within 30 days after the commissioner has notified the parties that the case has been submitted to him or her for final decision, the commissioner shall render a decision that shall include findings of fact supporting the decision and serve upon each party to the proceeding a copy of the decision and an order consistent with the decision.  (2) Except for a consent order, a party to the proceeding or a person affected by an order issued under sections 9, 9a, and 9c may obtain a judicial review of the order. A consent order may be reviewed as provided under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Except for an order under judicial review, the commissioner may terminate or set aside any order. The commissioner may terminate or set aside an order under judicial review with the permission of the court.  (3) Unless ordered by the court, the commencement of proceedings for judicial review under subsection (2) does not stay the commissioner's order. History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
MI Comp L § 493.9e (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.9e - Enforcement of Order; Jurisdiction.

493.9e Enforcement of order; jurisdiction. Sec. 9e.  The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 9, 9a, 9b, or 9c. History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
MI Comp L § 493.9f (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.9f - Violation as Misdemeanor; Penalty.

493.9f Violation as misdemeanor; penalty. Sec. 9f.  Any current or former executive officer, director, agent, or control person who violates a final order issued under section 9c is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 or imprisonment for not more than 1 year, or both. History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
MI Comp L § 493.9g (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.9g - Violation of Order; Exceptions.

493.9g Violation of order; exceptions. Sec. 9g.  A control person who is subject to an order issued under section 9c and who meets all of the following requirements is not in violation of the order:  (a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee after the date the order is issued.  (b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee to an unrelated third party. History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
MI Comp L § 493.10 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.10 - Commissioner of State Banking Department; Authority to Investigate Business and Examine Records; Witnesses; Examination of Licensee; Construction of Section; Disposition of Fees.

493.10 Commissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees. Sec. 10.  (1) For the purpose of investigating violations of this act or securing information lawfully required under this act, the commissioner may at any time, either personally or by a designated person or persons, investigate the loans and business and examine the books, accounts, records, and files used with the loans and business of any licensee or any person engaged in the business described in section 2. The commissioner and his or her duly designated representatives shall have and be given free access to the offices and places of business, books, accounts, papers, records, files, safes, and vaults of all persons investigated under this section. The commissioner and persons duly designated by him or her have the authority to require the attendance of and to examine under oath all persons whose testimony the commissioner may require relative to the loans or business or to the subject matter of an examination, investigation, or hearing.  (2) The commissioner at any time may investigate the business activities of a licensee as the commissioner considers necessary, examine the books, accounts, records, and files used and maintained by any licensee, and require the licensee to furnish additional reports relating to the licensee's business. The commissioner shall examine the books, accounts, records, and files of a licensee at least once during every 5-year period.  (3) This act shall not be construed to prohibit the keeping of records by electronic data processing methods.  (4) All fees collected under this section shall be paid into the state treasury and credited to the office of financial and insurance services. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.10 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 1996, Act 184, Imd. Eff. May 3, 1996 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.