reglab/housing_qa huggingface dataset:
MI Comp L § 451.311 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.311 - Public Trust Commission; Investigations, Audits and Appraisals.

451.311 Public trust commission; investigations, audits and appraisals. Sec. 11.  The said commission is authorized and empowered to make investigations, audits, or appraisals relative to or in connection with the property and/or business located in this state with respect to which the security for the protection of which a protective committee has been organized. The said commission is authorized to act for and in behalf of the holders or owners of defaulted mortgage securities by acting as custodian, and is hereby authorized to appoint custodians of defaulted mortgage property and to have supervision of defaulted bonds, notes, debentures, and any other instruments of like character used to evidence indebtedness secured by mortgage. All books, records and documents of the commission whether filed with it or prepared by it shall be open to the public. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- Am. 1935, Act 218, Imd. Eff. June 8, 1935 ;-- CL 1948, 451.311
MI Comp L § 451.312 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.312 - Public Trust Commission; Subpoenas, Oaths, Records.

451.312 Public trust commission; subpoenas, oaths, records. Sec. 12.  The said commission is authorized and empowered to issue subpoenas to compel the attendance of witnesses and to compel the production of books, records and documents in connection with any investigation, hearing, or other matter pending before the board, to issue process to compel such attendance and production. Each member shall be authorized to swear witnesses and administer oaths in any matter coming before him or the commission. The commission shall keep records of its hearings, meetings and other activities. Any witness who refuses to obey a subpoena or who refuses to be sworn or testify, or who fails to produce any papers, books or documents touching any matter under investigation, or any witness, party or attorney who is guilty of any contempt while in attendance at any hearing held under this act may be punished as for contempt of court; and for this purpose an application may be made to any circuit court within whose territorial jurisdiction the offense is committed, and for which purpose the court is hereby given jurisdiction. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.312
MI Comp L § 451.313 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.313 - Public Trust Commission; Investigations; Costs; Audits and Appraisals.

451.313 Public trust commission; investigations; costs; audits and appraisals. Sec. 13.  Any person interested in any security in connection with which a protective committee is organized may request the commission to make an investigation, audit, or appraisal and report with respect to the property or business to which the security pertains. However, before any investigation, audit, or appraisal and report is made by the commission upon such a request, the person so requesting shall, if required by the commission, deposit with the commission the sum of money that the commission considers necessary to meet the cost of the investigation, audit, or appraisal and report. If the deposit is insufficient to defray the cost of the investigation, audit, or appraisal and report, the commission may request further deposits as a condition of the continuance by it of its investigation, audit, or appraisal and report. All money so deposited shall be deposited by the commission in the state treasury in a special fund and disbursements from that fund shall be upon the warrant drawn on the state treasurer, and any disbursements shall be for the purposes for which the money is paid. Any excess over and above the cost of the requested investigation, audit, or appraisal and report shall be returned to the person who made the deposit. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.313 ;-- Am. 2002, Act 104, Imd. Eff. Mar. 27, 2002
MI Comp L § 451.315 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.315 - Public Trust Commission; Suspension of Orders, Grounds, Procedure.

451.315 Public trust commission; suspension of orders, grounds, procedure. Sec. 15.  The commission may temporarily suspend any of its orders when it appears to such commission that the terms of an order have been or are about to be violated but no such suspension order shall be effective for longer than 10 days unless the commission shall within such time serve notice upon the persons affected of the reason therefor, and shall grant a hearing thereon at a date not more than 15 days from the date of the suspension order. After such hearing the commission may either withdraw its suspension order or make the order of suspension a permanent order of revocation in accordance with the evidence. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.315
MI Comp L § 451.316 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.316 - Aggrieved Parties; Action in Circuit Court.

451.316 Aggrieved parties; action in circuit court. Sec. 16.  Any person aggrieved by any order or action of the commission may apply to the circuit court of which such person is a resident or to the circuit court for Ingham county for any relief to which said person shall deem himself entitled, and in said suit the members of said commission shall be named as defendant and process may be served on the commission by serving any member thereof: Provided, That no injunction or other order shall issue suspending or staying any order or decree of said commission except after due notice to the commission and a reasonable opportunity for hearing thereon. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.316
MI Comp L § 451.317 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.317 - Fiduciary's Relation to Security Holders; Reports of Purchases.

451.317 Fiduciary's relation to security holders; reports of purchases. Sec. 17.  All mortgagors and all persons who are depositaries, solicitors, and members of protective committees shall be deemed to be in a fiduciary relationship to the holders or owners of the securities with respect to which they are mortgagors, depositaries, solicitors, and members of protective committees, respectively, whether or not such holders or owners have deposited their securities and/or consented to the protective committee agreement; and every purchase by a mortgagor, depositary, solicitor or member of a protective committee of securities with respect to which such purchaser is the mortgagor, depositary, solicitor or member of a protective committee, respectively, shall be forthwith disclosed in writing to the commission by such purchaser. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- Am. 1937, Act 212, Imd. Eff. July 21, 1937 ;-- CL 1948, 451.317
MI Comp L § 451.318 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.318 - Construction of Act; Severing Clause.

451.318 Construction of act; severing clause. Sec. 18.  The provisions of this act shall be liberally construed to the end that the purposes thereof may be accomplished by preventing fraud, deception and damage on holders or owners of securities. Should any section or clause of this act be declared invalid by any court of last resort having jurisdiction in the premises, then such decision shall affect only the section or clause so declared to be invalid and shall not affect any other section or clause of this act. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.318
MI Comp L § 451.318a (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.318a - Bonds; Exception From Act; Securities Exempt From Blue Sky Law and Mortgage Tax Act.

451.318a Bonds; exception from act; securities exempt from blue sky law and mortgage tax act. Sec. 18a.  The provisions of this act shall not be construed to apply to the bonds and other obligations issued by the United States government, by any state of the United States, or by any political subdivision thereof, or by any assessment district.  The exchange of securities for other securities, when such exchange has been approved by the commission, shall be exempt from the provisions of Act No. 220 of the Public Acts of 1923, as amended, and Act No. 91 of the Public Acts of 1911. History: Add. 1933, Act 205, Imd. Eff. June 28, 1933 ;-- CL 1948, 451.318a Compiler's Notes: Act 91 of 1911, referred to in this section, was repealed by Act 301 of 1939. Act 220 of 1923, also referred to in this section, was repealed by Act 265 of 1964.
MI Comp L § 451.319 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.319 - Violation of Act; Penalty.

451.319 Violation of act; penalty. Sec. 19.  Any person violating any of the provisions of sections 3, 5, 6, 9, 10 and 17 shall be punished by a fine of not less than 500 dollars nor more than 5,000 dollars, together with costs of prosecution, or by imprisonment in the Michigan reformatory at Ionia, state prison or other penal institutions for not less than 6 months nor more than 2 years, or both such fine and imprisonment in the discretion of the court. The term “person” as is used in this section shall include an officer or employe of a corporation or a member or employe of a partnership who as such officer, employe or member is under duty to perform the act in respect to which the violation occurred. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.319
MI Comp L § 451.401 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 210 of 1933 - Trust Mortgage Foreclosure (451.401 - 451.405)|Section 451.401 - Trust Mortgage Foreclosure; Definitions.

451.401 Trust mortgage foreclosure; definitions. Sec. 1.  As used in this act:  The term “trust mortgage” means any trust mortgage, trust indenture or deed of trust given to secure bonds or other obligations issued and authenticated as therein set forth.  The term “trustee” means the trustee or trustees of any such “trust mortgage.”  The term “bonds” means bonds or other obligations outstanding and secured by any such “trust mortgage.”  The term “request” as used in sections 2 and 3 of this act means the written request filed by the trustee or holders of bonds for authorization of the trustee to bid for and acquire the mortgaged property as provided in section 2 of this act.  The term “non-concurring holder or holders” means such holder or holders as shall have filed written refusal to concur in said “request.” History: 1933, Act 210, Imd. Eff. July 3, 1933 ;-- CL 1948, 451.401
MI Comp L § 451.403 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 210 of 1933 - Trust Mortgage Foreclosure (451.401 - 451.405)|Section 451.403 - Trust Mortgage Foreclosure; Payment to Non-Concurring Holders.

451.403 Trust mortgage foreclosure; payment to non-concurring holders. Sec. 3.  The court may in its discretion provide in said order that such payment to non-concurring holders may be made in installments, or otherwise deferred for a period of time if the amount so deferred shall not exceed 25 per cent of the net amount of the bid: Provided, however, That the full pro rata to be paid said non-concurring holders hereunder shall, in any event, be made within 18 months from the entry of said order. The sum so deferred shall bear interest at the rate borne by said bonds. No personal obligation for such deferred payment shall be imposed upon the trustee but such deferred payment shall be secured upon the right, title and interest acquired by the trustee as a result of such acquisition and shall be enforced as herein provided. If payment to said non-concurring holders shall not be made as provided in said order, the court may, upon application of any non-concurring holder to whom such payment shall not have been made, order the trustee to sell the property so purchased by the trustee, or such part thereof as may be necessary, either at public or private sale after notice thereof shall have been given to all interested parties in such manner as the court shall direct, and out of the proceeds of said sale pay the sums due said non-concurring holders, the balance, if any, to belong to the beneficiaries of the trust hereafter provided for and to be held and dealt with by the trustee as the court shall direct. History: 1933, Act 210, Imd. Eff. July 3, 1933 ;-- CL 1948, 451.403
MI Comp L § 451.405 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 210 of 1933 - Trust Mortgage Foreclosure (451.401 - 451.405)|Section 451.405 - Construction and Application of Act; Severing Clause.

451.405 Construction and application of act; severing clause. Sec. 5.  This act is intended to be remedial and to be liberally construed and to be supplemented by rule of court if necessary or expedient to the accomplishment or furtherance of the intents and purposes thereof. This act shall be applicable to and in all foreclosure proceedings of the nature aforesaid pending at the time of the coming into effect hereof in which the sale shall not then have been confirmed as well as to and in all such proceedings begun after the coming into effect hereof. If any provision hereof shall be found invalid or unenforceable the remaining provisions hereof shall not be affected thereby. History: 1933, Act 210, Imd. Eff. July 3, 1933 ;-- CL 1948, 451.405
MI Comp L § 451.411 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 148 of 1975 - Debt Management Act (451.411 - 451.437)|Section 451.411 - Short Title.

451.411 Short title. Sec. 1.  This act shall be known as the “debt management act,” and shall be broadly construed to effectuate its purpose of providing protection to the public. History: 1975, Act 148, Eff. Mar. 31, 1976 Compiler's Notes: For transfer of powers and duties of the corporation and securities bureau from the department of commerce to the director of the department of consumer and industry services, see E.R.O. No. 1996-2, compiled at MCL 445.2001 of the Michigan Compiled Laws.For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to 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 § 451.413 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 148 of 1975 - Debt Management Act (451.411 - 451.437)|Section 451.413 - Business of Debt Management as Financial Planning Service Requiring License; Exception.

451.413 Business of debt management as financial planning service requiring license; exception. Sec. 3.  (1) Except as provided in subsection (2), a person engaged in the business of debt management is rendering a financial planning service and must obtain a license under this act.  (2) Subsection (1) does not apply to the following when engaged in the regular course of their respective businesses and professions:  (a) An attorney at law, if providing debt management advice incidental to his or her law practice.  (b) A certified public accountant, if providing debt management advice incidental to his or her accounting practice.  (c) A bank, fiduciary, savings and loan institution, or credit union duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of its principal business.  (d) A title insurer or abstract company, while doing an escrow business.  (e) An employee or agent of a licensee, acting solely in the capacity of agent for the licensee.   (f) A judicial officer or person acting under court order. History: 1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2000, Act 255, Imd. Eff. June 29, 2000 Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to 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 § 451.414 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 148 of 1975 - Debt Management Act (451.411 - 451.437)|Section 451.414 - License Required; Contract Made by Unlicensed Person Void; Persons Eligible for Exemption.

451.414 License required; contract made by unlicensed person void; persons eligible for exemption.Sec. 4.  (1) A person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license under this act. A contract to provide debt management made by a person without a license is null and void.  (2) The department may grant a person that provides debt management services and receives compensation primarily from governmental organizations, governmentally sponsored organizations, charitable trusts, or foundations that have tax-exempt status under section 501(c) of the internal revenue code of 1986, 26 USC 501, an exemption from any provision of this act if the person demonstrates that the person has safeguards in the handling of debtor funds and the department finds that the exemption is in the public interest. History: 1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2000, Act 255, Imd. Eff. June 29, 2000 ;-- Am. 2014, Act 362, Eff. Mar. 16, 2015 Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to 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 § 451.417 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 148 of 1975 - Debt Management Act (451.411 - 451.437)|Section 451.417 - Applicability of Examination Provisions.

451.417 Applicability of examination provisions. Sec. 7.  Except as provided in this act, the examination provisions of this act shall not apply to the existing officers, directors, partners, or individual owners of currently licensed debt management businesses unless any of those persons cease to be engaged in the debt management business with their currently licensed firm. To reenter the business at a subsequent time, a person shall satisfy the examination provisions of this act. History: 1975, Act 148, Eff. Mar. 31, 1976 Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to 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 § 451.418 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 148 of 1975 - Debt Management Act (451.411 - 451.437)|Section 451.418 - License Renewal; Application; Fee; Financial Statements; Failure to Pay Fee or Penalty.

451.418 License renewal; application; fee; financial statements; failure to pay fee or penalty.Sec. 8.  (1) Before December 1 of each year, a licensee shall file an application with the department for renewal of its license. The application shall be on the form prescribed by the department. The licensee shall include with the application a renewal fee of $50.00 for each office and a surety bond in the same manner as an original application. The application shall cover each branch office that is under the ownership and control of the applying entity.   (2) A licensee shall file statements with an application for renewal of a license under this section. The director may require that the financial statements be audited or reviewed by an independent certified public accountant.  (3) If a debt management license renewal fee described in subsection (1) is not received by the department on or before December 31, the licensee is subject to a penalty of $25.00 for each day the fee is delinquent, or $1,000.00, whichever is less.   (4) If a licensee does not pay a fee or penalty that the licensee is required to pay under this act, or does not pay that fee or penalty within any time period established under this act for payment of that fee or penalty, the director may maintain an action against the delinquent licensee for the recovery of the fees or penalties together with interest and costs. History: 1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2000, Act 255, Imd. Eff. June 29, 2000 ;-- Am. 2014, Act 362, Eff. Mar. 16, 2015 Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to 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 § 451.419 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 148 of 1975 - Debt Management Act (451.411 - 451.437)|Section 451.419 - License; Grounds for Denial, Revocation, Suspension, or Postponement; Notice; Proceedings.

451.419 License; grounds for denial, revocation, suspension, or postponement; notice; proceedings. Sec. 9.  (1) The director may deny, revoke, suspend, or postpone a license issued or applied for under this act for any of the following:  (a) Conviction of a felony or of a misdemeanor involving moral turpitude.  (b) Violating any of the provisions of this act or rules promulgated under this act, or any order or condition of license.  (c) Fraud or deceit in procuring the issuance of a license under this act.  (d) Indulging in dishonest or unethical conduct.  (e) Insolvency, either in the sense that liabilities of the licensee exceed its assets or if the licensee is unable to pay its debts as they mature, or filing in bankruptcy, receivership, or assignment for the benefit of creditors by a licensee or applicant for a license under this act.  (f) Failure to reasonably supervise agents or employees.  (2) Before the commencement of proceedings for suspension, revocation, annulment, withdrawal, recall, cancellation or amendment of a license, the department shall give notice, personally or by certified mail, to the licensee of facts or conduct which warrant the intended action. The licensee shall be given an opportunity to show compliance with the requirements of this act for retention of the license. If the department finds that the public health, safety, or welfare requires emergency action and incorporates this finding in its order, summary suspension of a license may be ordered effective on the date specified in the order or on service of a certified copy of the order on the licensee, whichever is later, and effective during the proceedings. The proceedings shall be promptly commenced and determined. History: 1975, Act 148, Eff. Mar. 31, 1976 Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to 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.