reglab/housing_qa huggingface dataset:
MI Comp L § 487.1307 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 3 - Licensing (487.1301...487.1317)|Section 487.1307 - Denial of Application; Written Statement of Explanation.

487.1307 Denial of application; written statement of explanation. Sec. 307.  If the commissioner denies an application under sections 301 to 305, the commissioner shall provide the applicant with a written statement explaining the basis for the denial. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1309 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 3 - Licensing (487.1301...487.1317)|Section 487.1309 - License; Issuance; Posting; Nontransferable and Nonassignable.

487.1309 License; issuance; posting; nontransferable and nonassignable. Sec. 309.  If an application for a license is approved and all conditions precedent to the issuance of that license are fulfilled, the commissioner shall issue a license to the applicant. A licensee shall post the license in a conspicuous place in the licensee's principal office. A license is not transferable or assignable. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1311 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 3 - Licensing (487.1301...487.1317)|Section 487.1311 - Prohibited Representations; Permissible Acts.

487.1311 Prohibited representations; permissible acts. Sec. 311.  (1) Except as otherwise provided in subsection (2), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development company including, but not limited to, use of the term "BIDCO", and shall not otherwise represent that the person is a business and industrial development company or a licensee.  (2) Before being issued a license under this act, a Michigan corporation or Michigan limited liability company that proposes to apply for a license or that applies for a license may, under a name that indicates that it is a business and industrial development company, perform the acts necessary to obtain a license and to otherwise prepare to transact business as a licensee. A corporation or limited liability company shall not represent that it is a licensee until after the license has been obtained. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1313 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 3 - Licensing (487.1301...487.1317)|Section 487.1313 - Misrepresentation of License.

487.1313 Misrepresentation of license. Sec. 313.  A licensee shall not misrepresent the meaning or effect of its license. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1315 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 3 - Licensing (487.1301...487.1317)|Section 487.1315 - Michigan Corporation or Limited Liability Company Licensed Under Another Law.

487.1315 Michigan corporation or limited liability company licensed under another law. Sec. 315.  (1) A Michigan corporation or Michigan limited liability company that is licensed under another law of this state or the United States may be issued a license under this act unless the transaction of business as a licensee under the other law of this state or the United States would violate this act or would be contrary to the purposes of this act.  (2) A Michigan corporation or Michigan limited liability company that is licensed under this act may apply for and be issued a license under another law of this state or the United States unless the transaction of business as a licensee under the other law of this state or the United States would violate this act or would be contrary to the purposes of this act. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1317 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 3 - Licensing (487.1301...487.1317)|Section 487.1317 - Application to Commissioner to Accept Surrender of License; Approval; Notice to Owners and Creditors; Filing Objection; Sending Copy of Objection to Commissioner.

487.1317 Application to commissioner to accept surrender of license; approval; notice to owners and creditors; filing objection; sending copy of objection to commissioner. Sec. 317.  (1) Upon approval of a 2/3 vote of its board of directors and after complying with subsection (2), a Michigan corporation licensee may apply to the commissioner to have the commissioner accept the surrender of the licensee's license. If a Michigan limited liability company licensee dissolves and after it has provided the notice required under subsection (2), it shall apply to the commissioner to surrender its license. If the commissioner determines that the requirements of this section have been satisfied, the commissioner shall approve the application unless in the opinion of the commissioner the purpose of the application is to evade a current or prospective action by the commissioner under article 7. A Michigan corporation licensee shall not dissolve and a Michigan limited liability company shall not complete winding up of its affairs until the commissioner has accepted the surrender of the licensee's license.  (2) Upon the dissolution of a licensee organized as a Michigan limited liability company or before dissolution of a licensee organized as a Michigan corporation, a licensee shall notify all of its owners and all of its creditors of its dissolution and intention to file the application. Each creditor shall be notified of the right to comment to the commissioner. Each owner shall be notified of the right to file with the licensee for a period of 60 days after the date of the notice an objection to the proposed surrender of the license and shall be advised that, if the owner files an objection, the owner should send a copy of the objection to the commissioner. If owners representing 20% or more of the total ownership vote of the licensee file an objection, the licensee shall not proceed with the application under subsection (1) unless the application is approved by a vote of owners representing 2/3 or more of the total ownership vote. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1401 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 4 - Corporate Matters (487.1401...487.1407)|Section 487.1401 - Name of Licensee; Inclusion of Word "bidco."

487.1401 Name of licensee; inclusion of word "BIDCO."Sec. 401.  (1) Except as provided in subsection (2), the name of each licensee shall include the word "BIDCO".   (2) A business development enterprise is not required to include the word "BIDCO" in its name.  (3) A licensee shall not transact business under a name other than its name. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997 ;-- Am. 2012, Act 358, Imd. Eff. Dec. 13, 2012
MI Comp L § 487.1403 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 4 - Corporate Matters (487.1401...487.1407)|Section 487.1403 - Board of Directors; Number of Directors; Membership; Meetings.

487.1403 Board of directors; number of directors; membership; meetings.Sec. 403.  (1) A licensee shall have a board of directors.  (2) The board of directors of a licensee that is not a business development enterprise shall consist of at least 7 directors. All of the following apply to the board of directors of a licensee that is a business development enterprise:  (a) The board shall consist of at least 3 directors.  (b) At least 1/3 of the members of the board shall be individuals designated by the board of the Michigan strategic fund.   (3) If the licensee is a Michigan limited liability company, the board may consist of members who are not managers of the licensee.  (4) The board of directors of a licensee shall hold a meeting at least once each calendar quarter. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997 ;-- Am. 2012, Act 358, Imd. Eff. Dec. 13, 2012
MI Comp L § 487.1405 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 4 - Corporate Matters (487.1401...487.1407)|Section 487.1405 - Death, Resignation, or Removal of Director, Officer, or Manager; Election of Director; Appointment of Officer or Manager; Notice to Commissioner; Additional Information.

487.1405 Death, resignation, or removal of director, officer, or manager; election of director; appointment of officer or manager; notice to commissioner; additional information. Sec. 405.  Within 30 days after the death, resignation, or removal of a director, officer, or manager, the election of a director, or the appointment of an officer or manager, the licensee shall notify the commissioner in writing of the event and shall provide any additional information which the commissioner may require. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1407 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 4 - Corporate Matters (487.1401...487.1407)|Section 487.1407 - Dividend and Distribution Policies; Buying Back Share of Stock or Membership Interest.

487.1407 Dividend and distribution policies; buying back share of stock or membership interest. Sec. 407.  (1) A licensee shall not pay, or obligate itself to pay, a cash dividend or distribution or dividend and distribution in kind to its owners, unless that payment is consistent with a dividend and distribution policy that has been adopted by the licensee and approved by the commissioner. In reviewing dividend and distribution policies under this section, the commissioner shall protect against unsafe or unsound acts which could threaten the viability of the licensee as an ongoing BIDCO but be flexible in recognizing the special characteristics of BIDCOs and the diverse range of potentially appropriate dividend policies for BIDCOs. The commissioner may at any time withdraw any previous approval of a dividend and distribution policy if the commissioner determines that the withdrawal is necessary to prevent unsafe or unsound acts.  (2) Without the prior approval of the commissioner, a licensee shall not buy back, or obligate itself to buy back a share of stock or a membership interest from an owner.  History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1501 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 5 - Transaction of Business (487.1501...487.1513)|Section 487.1501 - Offices of Licensee; Number; Location; Posting Sign Bearing Corporate Name; Personnel; Establishing, Relocating, or Closing Office.

487.1501 Offices of licensee; number; location; posting sign bearing corporate name; personnel; establishing, relocating, or closing office. Sec. 501.  (1) A licensee shall maintain not less than 1 office in this state.  (2) A licensee shall not maintain an office at any place outside this state.  (3) Each office of a licensee shall be located in a place which is reasonably accessible to the public.  (4) A licensee shall post in a conspicuous place at each of its offices a sign which bears the corporate name of the licensee.  (5) A licensee shall maintain at each of its offices personnel who are competent to conduct the business of such an office.  (6) Upon written notice to the commissioner, a licensee may establish, relocate, or close an office. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1503 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 5 - Transaction of Business (487.1501...487.1513)|Section 487.1503 - Business of Licensee; Powers and Privileges of Licensee.

487.1503 Business of licensee; powers and privileges of licensee. Sec. 503.  (1) The business of a licensee shall be providing financing assistance and management assistance to business firms. A licensee shall not engage in a business other than the business of providing financing assistance and management assistance to business firms.  (2) In addition to the powers and privileges provided to a licensee by this act, a licensee has all powers and privileges conferred by its incorporating statute which are not inconsistent with or limited by this act. The powers of a licensee include, but are not limited to, all of the following:   (a) To borrow money and otherwise incur indebtedness for its purposes, including issuance of corporate bonds, debentures, notes, or other evidence of indebtedness. A licensee's indebtedness may be secured or unsecured, and may involve equity features including, but not limited to, provisions for conversion to stock or membership interests and warrants to purchase stock or membership interests.  (b) To make contracts.  (c) To incur and pay necessary and incidental operating expenses.  (d) To purchase, receive, hold, lease, or otherwise acquire or to sell, convey, mortgage, lease, pledge, or otherwise dispose of, real or personal property, together with rights and privileges that are incidental and appurtenant to these transactions of real or personal property, if the real or personal property is for the licensee's use in operating its business or if the real or personal property is acquired by the licensee from time to time in satisfaction of debts or enforcement of obligations.  (e) To make donations for charitable, educational, research, or similar purposes.  (f) To implement a reasonable and prudent policy for conserving and investing its money before the money is used to provide financing assistance to business firms or to pay the expenses of the licensee. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1509 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 5 - Transaction of Business (487.1501...487.1513)|Section 487.1509 - Transacting Business in Safe and Sound Manner; Considering Risks; Authority of Commissioner Not Limited.

487.1509 Transacting business in safe and sound manner; considering risks; authority of commissioner not limited. Sec. 509.  (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition.  (2) In determining whether a licensee is transacting business in a safe and sound manner or has committed an unsafe or unsound act, the commissioner shall not consider the risk of a provision of financing assistance to a business firm, unless the commissioner determines that the risk is so great compared with the realistically expected return as to demonstrate gross mismanagement.  (3) Subsection (2) does not limit the authority of the commissioner to do any of the following:  (a) Determine that a licensee's financing assistance to a single business firm or a group of affiliated business firms is in violation of subsection (1) or constitutes an unsafe or unsound act, if the amount of that financing assistance is unduly large in relation to the total assets or the total owners equity of the licensee.  (b) Require that a licensee maintain a reserve in the amount of anticipated losses.  (c) Require that a licensee have in effect a written financing assistance policy, approved by its board of directors, including credit evaluation and other matters. The commissioner shall not require that a licensee adopt a financing assistance policy that contains standards that prevent the licensee from exercising needed flexibility in evaluating and structuring financing assistance to business firms on a deal by deal basis. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1513 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 5 - Transaction of Business (487.1501...487.1513)|Section 487.1513 - Lien on or Security Interest in Property of Licensee.

487.1513 Lien on or security interest in property of licensee. Sec. 513.  Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, another person. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1601 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 6 - Mergers and Acquisitions (487.1601...487.1603)|Section 487.1601 - Acquiring Control of Licensee; Application for Approval; Determinations by Commissioner.

487.1601 Acquiring control of licensee; application for approval; determinations by commissioner. Sec. 601.  (1) Without the prior approval of the commissioner, a person shall not acquire control of a licensee.  (2) With respect to an application for approval to acquire control of a licensee, if the commissioner determines, that the applicant and the directors, officers, and managers of the applicant are of good character and sound financial standing, that it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with this act, and that the applicant's plans, if any, to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee, the commissioner shall approve the application. If, after notice and a hearing, the commissioner determines otherwise, the commissioner shall deny the application.  (3) For purposes of subsection (2), the commissioner may determine any of the following:  (a) That an applicant or a director, officer, or manager of an applicant is not of good character if that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.  (b) That an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee if the plan provides for a person to become a director, officer, or manager of the licensee and that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.  (4) The conditions described in subsection (3) are not the only conditions upon which the commissioner may determine that an applicant or a director, officer, or manager of an applicant is not of good character or that an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1603 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 6 - Mergers and Acquisitions (487.1601...487.1603)|Section 487.1603 - Merger of Licensee With Another Business Firm; Conditions; Purchase by Licensee of Business of Another Person; Sale of Business; Application for Approval of Merger, Purchase, or Sale; Determinations.

487.1603 Merger of licensee with another business firm; conditions; purchase by licensee of business of another person; sale of business; application for approval of merger, purchase, or sale; determinations. Sec. 603.  (1) A licensee shall not merge with another business firm unless 1 of the following applies:  (a) If the licensee is the surviving business firm, the merger is approved by the commissioner.  (b) If the licensee is a disappearing business firm, the surviving business firm is a licensee and the merger is approved by the commissioner.  (2) A licensee shall not purchase all or substantially all of the business of another person unless the purchase is approved by the commissioner.  (3) A licensee shall not sell all or substantially all of its business or of the business of any of its offices to another person unless that other person is a licensee and the sale is approved by the commissioner.  (4) The commissioner shall approve an application for approval of a merger, purchase, or sale, if the commissioner determines all of the following:  (a) That the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee.  (b) That, upon consummation of the merger, purchase, or sale, it is reasonable to believe that the acquiring licensee will comply with this act.  (c) That the merger, purchase, or sale will not have a major detrimental impact on competition in providing financial assistance or management assistance to business firms, or if there will be a detrimental impact, the merger, purchase, or sale is necessary in the interests of the safety and soundness of any of the parties to the merger, purchase, or sale, or is otherwise, on balance, in the public interest. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1701 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 7 - Enforcement (487.1701...487.1719)|Section 487.1701 - Action to Enjoin Violation or Enforce Compliance; Restraining Order, Preliminary or Permanent Injunction, or Writ of Mandamus; Appointment of Receiver or Conservator; Bond.

487.1701 Action to enjoin violation or enforce compliance; restraining order, preliminary or permanent injunction, or writ of mandamus; appointment of receiver or conservator; bond. Sec. 701.  If in the opinion of the commissioner, a person violates, or there is reasonable cause to believe that a person is about to violate this act, the commissioner may bring an action in the name of the people of this state in a circuit court to enjoin the violation or to enforce compliance with this act. Upon a proper showing, a restraining order, preliminary or permanent injunction, or writ of mandamus shall be granted, and a receiver or a conservator may be appointed for the defendant or the defendant's assets. The court shall not require the commissioner to post a bond in an action brought under this act. History: 1986, Act 89, Imd. Eff. May 1, 1986