reglab/housing_qa huggingface dataset:
MI Comp L § 487.1703 (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 487.1703 - Violation of MCL 487.1311; Cease and Desist Order; Filing Application for Hearing on Order; Rescission of Order; Judicial Review.

487.1703 Violation of MCL 487.1311; cease and desist order; filing application for hearing on order; rescission of order; judicial review. Sec. 703.  (1) If the commissioner finds that a person has violated or that there is reasonable cause to believe that a person is about to violate section 311, the commissioner may order the person to cease and desist from the violation unless and until the person is issued a license.  (2) Within 30 days after an order is issued under subsection (1), the person to whom the order is directed may file with the commissioner an application for a hearing on the order. If the commissioner fails to commence a hearing within 15 business days after that application is filed or within a longer period to which the person consents, the order shall be considered rescinded. Upon the hearing, the commissioner shall affirm, modify, or rescind the order. The right of a person to whom an order is issued under subsection (1) to petition for judicial review of the order is not affected by the failure of the person to apply to the commissioner for a hearing on the order issued under this subsection. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1705 (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 487.1705 - Cease and Desist Order; Affirmative Action to Correct Condition; Application for Hearing on Order; Affirming, Modifying, or Rescinding Order; Judicial Review.

487.1705 Cease and desist order; affirmative action to correct condition; application for hearing on order; affirming, modifying, or rescinding order; judicial review. Sec. 705.  (1) If, after notice and a hearing, the commissioner determines that a licensee or a subject person of a licensee has violated or is violating, or that there is reasonable cause to believe that a licensee or subject person of a licensee is about to violate, this act or another applicable law, or that a licensee or subject person of a licensee has engaged or participated or is engaging or participating, or that there is a reasonable cause to believe that a licensee or subject person of a licensee is about to engage or participate, in an unsafe or unsound act with respect to the business of that licensee, the commissioner may order that licensee or subject person to cease and desist from the action or violation. The order may require the licensee or subject person to take affirmative action to correct any condition resulting from the action or violation.  (2) If the commissioner determines that any of the factors set forth in subsection (1) are true with respect to a licensee or subject person of a licensee and that the action or violation is likely to cause the insolvency of or substantial dissipation of the assets or earnings of the licensee; is likely to seriously weaken the condition of the licensee; or is likely to otherwise seriously prejudice the interests of the licensee before the completion of proceedings conducted under subsection (1), the commissioner may order the licensee or subject person to cease and desist from that action or violation. The order may require the licensee or subject person to take affirmative action to correct any condition resulting from the action or violation.  (3) Within 30 days after an order is issued under subsection (2), the licensee or subject person of a licensee to whom the order is directed may file with the commissioner an application for a hearing on the order. If the commissioner fails to commence a hearing within 15 business days after the application is filed or within a longer period to which the licensee or subject person consents, the order shall be considered rescinded. Upon the hearing, the commissioner shall affirm, modify, or rescind the order. The right of a licensee or subject person to whom an order is issued under subsection (2) to petition for judicial review of the order is not affected by the failure of the licensee or subject person to apply to the commissioner for a hearing on the order issued under this subsection. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1711 (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 487.1711 - Disclosure to Owners.

487.1711 Disclosure to owners. Sec. 711.  If, in the opinion of the commissioner, disclosure to owners regarding a matter is warranted, the commissioner may require a licensee, in a form and manner as the commissioner may specify, to disclose to the owners of a licensee the results of a communication or order from the commissioner addressed to the licensee or to a subject person of the licensee. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1713 (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 487.1713 - Calling Meeting of Board of Directors of Licensee or of Owners of Licensee; Notice; Expenses.

487.1713 Calling meeting of board of directors of licensee or of owners of licensee; notice; expenses. Sec. 713.  (1) If the commissioner considers it expedient, the commissioner may call a meeting of the board of directors of a licensee by giving notice of the time, place, and purpose of the meeting not less than 5 days before the meeting to each director either by personal service or by registered or certified mail sent to the director's last known address as shown in the records of the commissioner.  (2) If the commissioner considers it expedient, the commissioner may call a meeting of the owners of a licensee by giving notice of the time, place, and purpose of the meeting not less than 5 days before the meeting to each owner either by personal service or by registered or certified mail sent to the owner's last known address as shown by the books of the licensee. The licensee shall pay the expenses of the notice and of a meeting called under this subsection. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1719 (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 487.1719 - Violation of Act; Amount and Disposition of Civil Penalty; Applicability of Section; Provisions Cumulative; Liability for Certain Violations.

487.1719 Violation of act; amount and disposition of civil penalty; applicability of section; provisions cumulative; liability for certain violations. Sec. 719.  (1) If, after notice and a hearing, the commissioner finds that a person has violated this act, the commissioner may order that person to pay to the commissioner a civil penalty in the amount the commissioner specifies. However, the amount of the civil penalty shall not exceed $1,000.00 for each violation, or in the case of a continuing violation, $1,000.00 for each day for which the violation continues. Money collected for a civil penalty under this section shall be paid into the state treasury and credited to the general fund of this state.  (2) This section does not apply to any act committed or omitted in good faith in conformity with an order, rule, declaratory ruling, or written interpretative opinion of the commissioner, notwithstanding that the order, rule, declaratory ruling, or written interpretative opinion is later amended, rescinded, or repealed, or determined by judicial or other authority to be invalid for any reason.  (3) The provisions of subsection (1) are additional to, and not alternative to, other provisions of this act which authorize the commissioner to issue orders or to take other action on account of a violation of this act. A person who is convicted under section 819 on account of a violation of article 8 shall not be liable to pay a civil penalty under subsection (1) on account of that violation. A person who pays a civil penalty under subsection (1) on account of a violation of article 8 shall not be liable to prosecution under section 819 on account of that violation. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1801 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1801 - Definitions.

487.1801 Definitions. Sec. 801.  (1) As used in this article, unless the context otherwise requires:  (a) "Advisor", means a person who regularly provides legal, accounting, or management services or advice to a licensee.  (b) "Associate" means, if used with respect to a licensee:  (i) A controlling person, director, officer, manager, agent, or advisor of that licensee.  (ii) A director, officer, manager, or partner of a person referred to in subparagraph (i).  (iii) A person who controls, is controlled by, or is under common control with a person referred to in subparagraph (i), directly or indirectly through 1 or more intermediaries.  (iv) A close relative of a person referred to in subparagraph (i).  (v) A person of which a person referred to in subparagraphs (i) to (iv) is a director, officer, or manager.  (vi) A person in which a person referred to in subparagraphs (i) to (iv), or any combination of those persons acting in concert, owns or controls, directly or indirectly, a 20% or greater equity interest.  (c) "Close relative" means parent, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, or sister-in-law.   (d) "Closing services" means services performed in connection with the providing of financing assistance. Closing services includes, but is not limited to, appraising property and preparing credit reports. Closing services does not include a service performed after the providing of financing assistance.  (e) "Short-term financing assistance" means financing assistance with a term of not more than 5 years.  (2) For the purposes of subsection (1)(b):  (a) A person who is in a relationship referred to in that subdivision within 6 months before or after a licensee provides financing assistance shall be considered to be in that relationship as of the date that licensee provides that financing assistance.  (b) If a licensee, in order to protect its interests, designates a person to serve as a director, officer, manager, or in any capacity in the management of a business firm to which that licensee provides financing assistance, that person shall not, on that account, be considered to have a relationship with that business firm. This subdivision does not apply if the person has, directly or indirectly, any other financial interest in the business firm or if the person, at any time before the licensee provides the financing assistance, served as a director, officer, manager, or in any other capacity in the management of the business firm for a period of 30 days or more. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1803 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1803 - Willful Untrue Statement or Omission of Material Fact in Application or Report.

487.1803 Willful untrue statement or omission of material fact in application or report. Sec. 803.  A person shall not willfully make an untrue statement of a material fact in an application or report filed with the commissioner under this act, or willfully omit to state in such an application or report a material fact required to be stated in the application or report. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1805 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1805 - Willful Refusal to Allow Inspection or Making Copies of Books, Accounts, and Other Records.

487.1805 Willful refusal to allow inspection or making copies of books, accounts, and other records. Sec. 805.  A person having custody of any of the books, accounts, or other records of a licensee shall not willfully refuse to allow the commissioner, upon request, to inspect or make copies of any of those books, accounts, or other records. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1807 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1807 - Books, Accounts, or Other Records; False Entries; Omission of Required Entry; Alteration, Concealment, or Destruction.

487.1807 Books, accounts, or other records; false entries; omission of required entry; alteration, concealment, or destruction. Sec. 807.  A person shall not, with intent to deceive a director, officer, manager, employee, auditor, or attorney of a licensee, the commissioner, or a governmental agency, make a false entry in the books, accounts, or other records of that licensee, omit to make an entry in those books, accounts, or other records which that person is required to make, or alter, conceal, or destroy any of those books, accounts, or other records. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1809 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1809 - Financing Assistance to Associate of Licensee.

487.1809 Financing assistance to associate of licensee. Sec. 809.  A licensee shall not provide, directly or indirectly, financing assistance to an associate of the licensee. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1811 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1811 - Financing Assistance to Discharge Obligation to Associate of Licensee; Transactions to Which Section Inapplicable.

487.1811 Financing assistance to discharge obligation to associate of licensee; transactions to which section inapplicable. Sec. 811.  A licensee shall not provide, directly or indirectly, financing assistance to discharge, or to free other money for use in discharging, in whole or in part, an obligation to an associate of that licensee. This section does not apply to a transaction effected by an associate of a licensee in the normal course of that associate's business involving a line of credit or short-term financing assistance. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1813 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1813 - Financing Assistance to Business Firm to Which Associate of Licensee Provides Financing Assistance; Applicability of Section.

487.1813 Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section. Sec. 813.  (1) A licensee shall not provide, directly or indirectly, financing assistance to a business firm to which an associate of that licensee provides financing assistance, either contemporaneously with, or within 1 year before or after, the providing of financing assistance by the licensee, if the terms on which the licensee provides financing assistance are less favorable to the licensee than the terms on which the associate provides financing assistance to the business firm. If the financing assistance provided by the associate of the licensee is of a different kind from the financing assistance provided by the licensee, the burden shall be on the licensee to prove that the terms on which the licensee provided financing assistance were at least as favorable to the licensee as the terms on which the associate provided financing assistance to the business firm.  (2) This section does not apply to any of the following:  (a) If the associate is a controlling person of the licensee and is also the only owner of the licensee.  (b) If the associate is a subsidiary of the licensee.  (c) A transaction effected by an associate of a licensee in the normal course of that associate's business involving a line of credit or short-term financing assistance. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.1815 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1815 - Compensation of Associate of Licensee for Procuring or Influencing Licensee's Action With Respect to Providing Financing Assistance; Section Inapplicable to Fees Received for Bona Fide Closing Services; Criteria.

487.1815 Compensation of associate of licensee for procuring or influencing licensee's action with respect to providing financing assistance; section inapplicable to fees received for bona fide closing services; criteria. Sec. 815.  An associate of a licensee shall not receive, directly or indirectly, from a person to whom that licensee provides financing assistance, compensation in connection with the providing of that financing assistance or anything of value for procuring, influencing, or attempting to procure or influence the licensee's action with respect to the providing of the financing assistance. This section does not apply to the receipt of fees by an associate of a licensee for bona fide closing services performed by that associate if all of the following are true:  (a) The associate, with the consent and knowledge of the person to whom the financing assistance is provided, is designated by the licensee to perform the services.  (b) The services are appropriate and necessary in the circumstances.  (c) The fees for the services are approved as reasonable by the licensee.  (d) The fees for the services are collected by the licensee on behalf of the associate. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1817 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1817 - Exemptions.

487.1817 Exemptions. Sec. 817.  (1) By such orders or rules the commissioner considers necessary and appropriate, the commissioner may exempt from sections 809 to 815, either unconditionally or upon specified terms and conditions and for specified periods, a person or transaction or class of persons or transactions, if the commissioner finds that the exemption is in the public interest and that the regulation of the person, transaction, or class is not necessary for the purposes of this act.  (2) In exempting a person or transaction or class of persons or transactions, the commissioner shall give consideration, as considered appropriate by the commissioner, to conflict of interest provisions of federal law or regulation that may be applicable to that person or transaction governing participants in federal financing programs. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1819 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 8 - Certain Unlawful Activities (487.1801...487.1819)|Section 487.1819 - Violation of Article; Penalty; Applicability of Section; Power of State to Punish Not Limited by Act.

487.1819 Violation of article; penalty; applicability of section; power of state to punish not limited by act. Sec. 819.  (1) A person who knowingly commits an act which act violates this article shall be fined not more than $10,000.00 or shall be imprisoned for not more than 1 year, or both.  (2) This section does not apply to an act committed or omitted in good faith in conformity with an order, rule, declaratory ruling, or written interpretative opinion of the commissioner, notwithstanding that the order, rule, declaratory ruling, or written interpretative opinion is later amended, rescinded, or repealed, or determined by judicial or other authority to be invalid for any reason.  (3) Nothing in this act limits the power of the state to punish a person for an act which constitutes a crime under any statute. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1901 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 9 - General Provisions (487.1901...487.1905)|Section 487.1901 - Liberal Construction.

487.1901 Liberal construction. Sec. 901.  This act shall be liberally construed to accomplish its purposes. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1903 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 9 - General Provisions (487.1901...487.1905)|Section 487.1903 - Proceedings Subject to Administrative Procedures Act; Exemptions.

487.1903 Proceedings subject to administrative procedures act; exemptions. Sec. 903.  A proceeding to promulgate rules or a proceeding regarding civil penalties under section 719 shall be subject to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws. Any other proceedings under this act are exempt from the provisions of the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969. History: 1986, Act 89, Imd. Eff. May 1, 1986
MI Comp L § 487.1905 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 9 - General Provisions (487.1901...487.1905)|Section 487.1905 - Applicability of Provisions of Licensee's Incorporating or Organizing Statute.

487.1905 Applicability of provisions of licensee's incorporating or organizing statute. Sec. 905.  Except as otherwise provided in this section, the provisions of a licensee's incorporating or organizing statute apply to the licensee. If a provision of the licensee's incorporating or organizing statute conflicts with any provision of this act, this act controls. History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
MI Comp L § 487.2001 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)|Article 10 - Repeal (487.2001...487.2001)|Section 487.2001 - Repeal of MCL 487.851 to 487.867; Certain Statutory References Considered References to Bidco.

487.2001 Repeal of MCL 487.851 to 487.867; certain statutory references considered references to BIDCO. Sec. 1001.  Act No. 117 of the Public Acts of 1963, being sections 487.851 to 487.867 of the Michigan Compiled Laws, is repealed. A reference in another law of this state to a business development corporation under Act No. 117 of the Public Acts of 1963 shall be considered to be a reference to a BIDCO under this act. History: 1986, Act 89, Imd. Eff. May 1, 1986