reglab/housing_qa huggingface dataset:
MI Comp L § 493.11 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.11 - Books, Accounts, and Records of Licensee; Preservation and Accessibility; Filing Financial Statement With Commissioner; Reports.

493.11 Books, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports. Sec. 11.  (1) The licensee shall keep and use in the licensee's business the books, accounts, and records the commissioner may require in order to determine whether the licensee is complying with this act and with the rules promulgated by the commissioner under this act. The licensee shall preserve within this state and make accessible to the commissioner, the books, accounts, and records for at least 2 years after making the final entry on any loan recorded in the books, accounts, and records. Books and accounts may be kept at a location other than the licensee's principal place of business, provided that they are made available to the commissioner upon request and the licensee pays the actual and reasonable travel expenses if the examiner must travel out of state.  (2) The licensee shall file, annually on or before February 15 of each year, with the commissioner its financial statement in a uniform format prescribed by the commissioner, including information on earnings, for the prior calendar year.  (3) A licensee shall annually on or before a date established by the commissioner file with the commissioner a report, on a form provided by the commissioner, stating the licensee's volume and type of business activities for the immediately preceding calendar year. The commissioner shall provide at least 30 days' advance notice of the date each report is due.  (4) All reports shall be made under oath and shall be in the form prescribed by the commissioner.  (5) The commissioner shall make and publish annually an analysis and recapitulation of the reports filed under subsections (2) and (3). History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.11 ;-- Am. 1983, Act 103, Imd. Eff. June 30, 1983 ;-- 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 § 493.12a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.12a - False, Misleading, Deceptive, or Irresponsible Advertising Unlawful; Definition; Requirements for Advertising.

493.12a False, misleading, deceptive, or irresponsible advertising unlawful; definition; requirements for advertising. Sec. 12a.  (1) False, misleading, deceptive, or irresponsible advertising is unlawful and is defined as follows:  (a) Advertising which lures, entices, induces, or tends to induce a person to incur a debt by unreasonably minimizing the consequences of assuming a legal repayment obligation or by depicting the assumption of a debt obligation as a frivolous transaction.  (b) Advertising that describes or depicts the benefits or advantages of having the money from a loan, without describing or depicting the obligation of repaying the loan with interest.  (c) Advertising with claims and representations that are not accurate or provable.  (d) Advertising which misrepresents facts or creates misleading impressions.  (e) Advertising which uses the phrase "lowest rates", "lowest rates in the city", or similar phrases unless the rates are actually lower than those of other lenders.  (f) Advertising which uses the phrase "new reduced rates", "new low rates", "reduced rates", or similar phrases for more than 60 days after the changed rates become effective.  (g) Advertising which causes a probability of confusion or misunderstanding as to the legal rights, obligations, or remedies of a lender, or as to the terms or conditions of credit.  (h) Advertising which represents that a borrower will receive a rebate, discount, or other benefit as an inducement for entering into a transaction, if the benefit is contingent on an event to occur subsequent to the consummation of the transaction.  (i) Advertising which suggests or infers that a loan is not a loan, or that interest is not charged, or that the borrower is not under an obligation to repay.  (2) A licensee shall not advertise any size of loan, security required for a loan, rate of charge, or other condition of lending except with the full intent of making loans at those rates, or lower rates, and under those conditions, to applicants who meet the standards or qualifications prescribed. History: Add. 1978, Act 528, Eff. Mar. 30, 1979 ;-- 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 § 493.12b (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.12b - Repealed. 1991, Act 14, Eff. Oct. 1, 1991.

493.12b Repealed. 1991, Act 14, Eff. Oct. 1, 1991. Compiler's Notes: The repealed section pertained to licensee promotional plans.
MI Comp L § 493.12d (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.12d - Action to Enjoin Licensee From Advertising; Circuit Court.

493.12d Action to enjoin licensee from advertising; circuit court. Sec. 12d.  A person may bring an action in the circuit court of the county in which an office of a licensee is located, or in the circuit court for Ingham county, to enjoin a licensee from advertising in violation of section 12a. History: Add. 1978, Act 528, Eff. Mar. 30, 1979 ;-- 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 § 493.13a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.13a - Credit Life Insurance; Other Insurance.

493.13a Credit life insurance; other insurance. Sec. 13a.  (1) In addition to charges allowed under section 13, at the option of the borrower, a licensee may obtain or provide 1 or both of the following and deduct from the principal of a loan and retain an amount equal to the premium lawfully charged by the insurance company:  (a) Credit insurance as defined in the credit insurance act, 1958 PA 173, MCL 550.601 to 550.624.  (b) Any other insurance under the insurance code of 1956, 1956 PA 218, MCL 500.100 to 500.8302.  (2) The insurance permitted by this section shall be in force when the loan is made. If the borrower obtains the insurance from or through a licensee, the statement required by section 14 shall show the cost of the insurance and the licensee shall provide to the borrower a copy of the policy, certificate, or other evidence of the insurance. This act does not prohibit the licensee or any employee, affiliate, subsidiary, or associate of the licensee from collecting the premium or identifiable charge for the insurance permitted by this section or from receiving and retaining any gain or other benefit resulting from the insurance. A licensee shall not require the purchase of insurance as a condition precedent to the making of a loan. History: Add. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 1994, Act 407, Eff. Mar. 30, 1995 ;-- 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.
MI Comp L § 493.14 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.14 - Licensee; Duties.

493.14 Licensee; duties. Sec. 14.  A licensee shall:  (a) Deliver to the borrower a disclosure statement in compliance with 12 C.F.R. part 226.  (b) Give to the borrower a plain and complete receipt for cash payments made on account of a loan at the time the payments are made, specifying the amount applied to charges and the amount, if any, applied to principal, and stating the unpaid principal balance of the loan. An unitemized receipt may be given temporarily and within 30 days a receipt as prescribed above delivered or mailed.  (c) Permit payment to be made in advance in any amount on any contract of loan at any time during regular business hours, but the licensee may apply that payment first to all charges in full at the agreed rate up to the date of the payment.  (d) Upon repayment of the loan in full, mark plainly every obligation and security signed by the borrower with the word "Paid" or "Canceled", and release any mortgage, restore any pledge, cancel and return any note, and cancel and return any assignment given to the licensee by the borrower. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.14 ;-- Am. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- 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 § 493.14a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.14a - Compliance With Federal Consumer Credit Protection Act.

493.14a Compliance with federal consumer credit protection act. Sec. 14a.  Compliance with the requirements of the consumer credit protection act, Public Law 90-321, 82 statute 146, commonly referred to as the federal truth in lending act is compliance with section 12 as to advertising, section 13a as to cost of insurance, and section 14. History: Add. 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 § 493.15 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.15 - Contract in Compliance With Retail Installment Sales Act or Home Improvement Finance Act.

493.15 Contract in compliance with retail installment sales act or home improvement finance act. Sec. 15.  A licensee may purchase a contract made in compliance with the retail installment sales act, 1966 PA 224, MCL 445.851 to 445.873, or the home improvement finance act, 1965 PA 332, MCL 445.1101 to 445.1431. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- Am. 1947, Act 130, Eff. Oct. 11, 1947 ;-- CL 1948, 493.15 ;-- Am. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- 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 § 493.15a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.15a - Regulatory Loan Contract; Nonperformance by Borrower; Advances by Licensee; Termination of Insurance Upon Reinstatement of Contractual Duties by Borrower.

493.15a Regulatory loan contract; nonperformance by borrower; advances by licensee; termination of insurance upon reinstatement of contractual duties by borrower. Sec. 15a.  (1) If a regulatory loan contract contains obligations by the borrower to perform certain duties pertaining to insuring or preserving collateral and the licensee, because of the borrower's failure to perform these duties, pays for performance of the duties on behalf of the borrower, the licensee may add the amounts paid to the debt and collect interest at the contract rate on the amounts.  (2) Within 30 days after advancing any sums under this section, the licensee shall notify the borrower in writing of the amount of the sums advanced, any charges with respect to this amount, any revised payment schedule, and a brief description of the services or products paid for by the licensee, including the type and amount of insurance coverages, if applicable.  (3) The licensee shall promptly terminate insurance or other services procured under this section once the borrower provides evidence that the performance of contractual duties have been reinstated. History: Add. 2001, Act 270, Imd. Eff. Jan. 11, 2002
MI Comp L § 493.16 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.16 - Repealed. 1978, Act 528, Eff. Mar. 30, 1979.

493.16 Repealed. 1978, Act 528, Eff. Mar. 30, 1979. Compiler's Notes: The repealed section pertained to sale or assignment of wages as loans.
MI Comp L § 493.17 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.17 - Assignment or Order for Payment of Compensation to Secure Loan Invalid; Validity of Chattel Mortgage or Lien on Household Goods; Married Borrower; Signatures; Written Assent of Spouse.

493.17 Assignment or order for payment of compensation to secure loan invalid; validity of chattel mortgage or lien on household goods; married borrower; signatures; written assent of spouse. Sec. 17.  (1) An assignment of, or order for payment of, salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure a loan made by a licensee under this act, shall not be valid. A chattel mortgage or other lien on household goods then in the possession and use of the borrower shall not be valid unless it is in writing and signed in person by the borrower.  (2) If the borrower is married, a chattel mortgage or other lien on household goods shall not be valid unless it is signed in person by both husband and wife. The written assent of a spouse under this section shall not be required when husband and wife have been living separate and apart for a period of not less than 5 months before the making of the chattel mortgage or other lien. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.17 ;-- Am. 1980, Act 392, Eff. Mar. 31, 1981 ;-- 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 § 493.18 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.18 - Unlicensed Persons; Limitation on Interest, Discount, or Consideration; Applicability of Act to Loans Made in Another State or Country.

493.18 Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country. Sec. 18.  (1) A person, except as authorized by this act, shall not directly or indirectly charge, contract for, or receive an interest, discount, or consideration greater than the lender would be permitted by law to charge if the lender were not licensed under this act upon the loan, use, or forbearance of money, goods, or things in action.   (2) The prohibition specified in subsection (1) applies to a person who or which, by any device, subterfuge, or pretense charges, contracts for, or receives greater interest, consideration, or charges than authorized by this act for the loan, use, or forbearance of money, goods, or things in action or for the loan, use, or sale of credit.  (3) This act does not apply to loans legally made in another state or country by a licensee under a regulatory loan law similar in principle to this act, except that loans made by mail to Michigan residents are subject to this act. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- Am. 1947, Act 130, Eff. Oct. 11, 1947 ;-- CL 1948, 493.18 ;-- Am. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- Am. 1995, Act 165, Eff. Mar. 28, 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.
MI Comp L § 493.19 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.19 - Violation as Misdemeanor; Penalty.

493.19 Violation as misdemeanor; penalty. Sec. 19.  (1) A person, including a member, officer, director, agent, or employee of a licensee, who violates or participates in the violation of section 1, 12, 13, 14, or 18 is guilty of a misdemeanor punishable by a fine of not more than $500.00, or imprisonment for not more than 6 months, or both.  (2) A person who makes or collects upon a loan contract in a manner prohibited by this act is guilty of a misdemeanor under section and is subject to the credit reform act. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.19 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 1995, Act 165, Eff. Mar. 28, 1996 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 § 493.20 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.20 - Businesses Exempt From Act.

493.20 Businesses exempt from act. Sec. 20.  This act shall not apply to any person doing business under and as permitted by any law of this state or of the United States relating to banks, savings banks, industrial banks, trust companies, building and loan associations, or credit unions, nor to any business transacted under any pawnbroker's license. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.20 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 § 493.21 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.21 - Enforcement of Act; Rules.

493.21 Enforcement of act; rules. Sec. 21.  The commissioner may promulgate rules that are necessary for the administration and enforcement of this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.21 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- 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.Admin Rule: R 493.1 et seq. of the Michigan Administrative Code.
MI Comp L § 493.22 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.22 - Amendments or Repeals of Act; Impairment of Obligation.

493.22 Amendments or repeals of act; impairment of obligation. Sec. 22.  This act or any part thereof may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder, provided that such cancellation or alteration shall not impair or affect the obligation of any pre-existing lawful contract between any licensee and any borrower. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.22 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 § 493.23 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.23 - Repealed. 1991, Act 14, Eff. Oct. 1, 1991.

493.23 Repealed. 1991, Act 14, Eff. Oct. 1, 1991. Compiler's Notes: The repealed section pertained to licensees under former act.