reglab/statecodes huggingface dataset:
2023 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
2023 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after that application is filed or within a longer period to which the person consents, the order shall be considered rescinded.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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2051 - Short Title.

487.2051 Short title.
Sec. 1.
This act shall be known and may be cited as the "consumer financial services act".
History:
1988, Act 161, Eff. Sept. 1, 1988
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2053 - License Required to Engage in Business Activity; Exceptions.

487.2053 License required to engage in business activity; exceptions.
Sec. 3.
(1) A person shall not engage in a business activity unless the person is licensed under the appropriate financial licensing act, or by this act.
(2) This act applies to a person who engages in any business activity if the person is not licensed or, as applicable, registered under the applicable financial licensing act or licensed under this act and is not otherwise exempt from applicable licensing or registration requirements. If a person engages in 1 or more business activities without the applicable licenses or registrations, it shall be discretionary with the commissioner to enforce the applicable licensing or registration requirements under either 1 or more of the financial licensing acts or this act, but not both.
(3) This act does not apply to a depository financial institution.
History:
1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2054 - License Application.

487.2054 License application.
Sec. 4.
An application for a license under this act shall be made in writing and under oath to the commissioner in the form the commissioner may prescribe. The application shall state the full name, business address, and residence address of the following:
(a) The proprietor, if the applicant is an individual.
(b) Every member, if the applicant is a partnership, limited liability company, or association, except that if the applicant is a joint stock association having 50 or more members, the name and business address need be given only for the association and each of its officers and directors.
(c) If the applicant is a corporation, the name of the corporation and each of its officers, directors, and stockholders. The commissioner may exempt publicly held corporations from the requirement of providing information regarding stockholders.
History:
1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2057 - Investigation of License Applicant by Commissioner; Issuance and Delivery of License; Expiration of License; Renewal of License; Fee; Penalty for Delinquent Payment.

487.2057 Investigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment.
Sec. 7.
(1) Upon the filing of an application and the payment of the required fees by an applicant, the commissioner shall investigate the applicant. If the commissioner finds that the financial responsibility, experience, character, and general fitness of the applicant, and of the applicant's members if the applicant is a partnership, limited liability company, or association, and of the applicant's officers and directors if the applicant is a corporation, are such as to command the confidence of the community and to warrant belief that the business will be operated lawfully, honestly, fairly, and efficiently within the purposes of this act, the commissioner shall issue and deliver to the applicant a license to engage in all of the activities authorized under this act or by rule or order of the commissioner.
(2) A license issued or renewed under this act expires on December 31 each year. To renew an existing license, a licensee shall pay an annual operating fee as provided in section 11 on or before December 15 of the year immediately preceding the year for which the renewal is requested. An annual operating fee paid after December 31 is subject to a penalty of $25.00 for each day the fee is delinquent or $1,000.00, whichever is less, and may be grounds for the commissioner's refusal to reissue the license.
History:
1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1992, Act 76, Imd. Eff. June 2, 1992 ;-- Am. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2058 - License Certificate; Availability of Copy; Transferability; Changing Name or Place of Business; Operating One Place of Business Under Same License; Additional Place of Business; Ceasing Business Activities.

487.2058 License certificate; availability of copy; transferability; changing name or place of business; operating one place of business under same license; additional place of business; ceasing business activities.
Sec. 8.
(1) Upon approval by the commissioner of an application for a license, the commissioner shall issue to the applicant a license certificate showing the name of the person authorized to do business and the business address of the licensee. The licensee shall make a copy of the license available at the licensee's place of business for inspection upon request by any natural person.
(2) A license shall not be transferred or assigned without the prior consent of the commissioner. For purposes of this subsection, transfer means the sale, assignment, or conveyance of more than 25% of the outstanding voting stock of a licensee that is a corporation, or more than 25% of the ownership interest in a licensee that is a partnership or other legal entity.
(3) A licensee under this act may change its name or place of business shown on the license. To change its name or the place of business shown on the license, a licensee shall give prior written notice to the commissioner and return the license certificate to the commissioner for amendment. The commissioner shall amend the license certificate to show the new name or the new place of business shown on the license and the date of reissue.
(4) A licensee may engage in activities for which a license is required at more than 1 place of business by providing not less than 30 days' written notice to the commissioner before opening each additional place of business, and otherwise complying with the requirements of this act. An application that identifies the locations at which the applicant, if approved, will conduct business activities that are subject to this act meets the notice requirement of this subsection for those locations.
(5) A licensee that elects to cease engaging in business activities that are subject to this act at a place of business shall provide prior written notice to the commissioner.
History:
1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1992, Act 76, Imd. Eff. June 2, 1992 ;-- Am. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060a - Request for Reconsideration.

487.2060a Request for reconsideration.
Sec. 10a.
(1) If an applicant for a license is dissatisfied with the order issued under section 10 by the commissioner, the applicant may file with the commissioner, not later than 15 days after the issuance of the order, a notice of request for reconsideration of the order together with a statement in support of the applicant's request for reconsideration and, if desired, a request for oral argument. The notice of request for a reconsideration and supporting statement shall be in writing.
(2) The issues raised in the applicant's statement shall be limited to the commissioner's findings of fact and conclusions of law set forth in the order.
(3) If the commissioner grants the request for reconsideration, not later than 10 days after the commissioner receives the statement, the commissioner shall either provide a written response to the applicant's request for reconsideration or conduct an oral argument. If the commissioner does not grant the request for reconsideration, the order shall stand.
(4) If an oral argument is conducted under subsection (3), the oral argument shall be limited to the issues raised in the applicant's statement. The commissioner shall either affirm the order or revise the order as the commissioner considers appropriate not later than 10 days after the completion of the oral argument.
(5) For purposes of this act, an application for a license and the commissioner's final decisions, findings, rulings, and orders are not contested cases within the meaning of the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
(6) If the applicant considers itself aggrieved by an order of the commissioner, the applicant may appeal within 30 days from the date of the order to the Ingham county circuit court in the manner provided by the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
History:
Add. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060b - Hearing; Judicial Review.

487.2060b Hearing; judicial review.
Sec. 10b.
(1) A hearing provided for in section 10 shall be conducted in accordance with the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The hearing shall be private, unless the commissioner determines that a public hearing is necessary to protect the public interest. After the hearing and within 90 days after the commissioner has notified the parties that the case has been submitted to him or her for final decision, the commissioner shall render his or her decision, which shall include findings of fact upon which the decision is predicated and shall issue and serve upon each party to the proceeding an order consistent with this section.
(2) Any party to the proceeding, or any person required by an order issued under section 10 to cease and desist from any of the violations or practices stated in the order, may obtain a judicial review of any order served under subsection (1), other than a consent order, which review shall be exclusively as provided in the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Unless a petition for review is timely filed as provided in that act, the commissioner, at any time, upon notice that the commissioner considers proper, may modify, terminate, or set aside the order. Upon the timely filing of a petition for review, the commissioner may modify, terminate, or set aside the order with the permission of the court.
(3) Unless specifically ordered by the court, the commencement of proceedings for judicial review under subsection (2) shall not operate as a stay of any order issued by the commissioner.
History:
Add. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060c - Enforcement of Notice or Order.

487.2060c Enforcement of notice or order.
Sec. 10c.
The commissioner may apply to the circuit court of Ingham county for the enforcement of any effective and outstanding notice or order issued under section 10 or 10a, and the court shall have jurisdiction and power to order and require compliance with the notice. Except as otherwise provided in this act, a court does not have jurisdiction to review, modify, suspend, terminate, or set aside by injunction any notice or order issued under section 10 or 10a.
History:
Add. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060d - Summary Suspension; Order; Hearing; Record.

487.2060d Summary suspension; order; hearing; record.
Sec. 10d.
(1) After a complaint is filed or, as applicable, an investigation or administrative action against a licensee is commenced under section 10, the commissioner may issue an order summarily suspending the license under section 92 of the administrative procedures act of 1969, 1969 PA 306, MCL 24.292, supported by an affidavit from a person familiar with the facts set forth in the affidavit or, if appropriate, based upon an affidavit on information that an imminent threat of financial loss or imminent threat to the public welfare exists. The order to summarily suspend a license shall be served upon the licensee.
(2) A licensee upon which an order to summarily suspend its license has been served shall have 20 days after the date of the order by which to file with the commissioner a request for a hearing.
(3) A hearing shall be held promptly upon receipt of a request for a hearing filed by a licensee under subsection (2).
(4) A summary suspension of a license shall continue until the commissioner finds that the imminent threat of financial loss or imminent threat to the public welfare no longer exists.
(5) The record created at the hearing on the summary suspension shall become part of the record on the complaint at a subsequent hearing in a contested case.
History:
Add. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060e - Summary Suspension Order, Cease and Desist Order, or Injunctive Relief as Additional Legal Action.

487.2060e Summary suspension order, cease and desist order, or injunctive relief as additional legal action.
Sec. 10e.
A summary suspension order, cease and desist order, or injunctive relief issued or granted in relation to a license shall be in addition to an informal conference, criminal prosecution, or proceeding to deny, revoke, or suspend a license, or any other legal action.
History:
Add. 1999, Act 275, Imd. Eff. Jan. 5, 2000
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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060f - Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension.

487.2060f Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Sec. 10f.
(1) As provided in section 10(4), the commissioner may investigate or conduct an examination of any person and conduct hearings as the commissioner considers necessary to determine whether a licensee or any other person has violated this act, or whether a licensee has conducted business in a manner that would justify suspension or revocation of its license.
(2) Upon the filing of a complaint or the taking of action against a licensee under section 10(7), the commissioner may issue and serve upon a licensee an order suspending that person's license. The order shall be supported by an affidavit from a person familiar with the facts set forth in the affidavit and shall contain information that an imminent threat of financial loss or threat to the public welfare exists.
(3) Upon service of the order under subsection (2), the licensee shall have 20 days to file with the commissioner a request for a hearing. The hearing shall be scheduled within 20 days of the receipt of a request filed under this subsection.
(4) A suspension of a license under this section shall continue until the commissioner finds that the threat of financial loss or threat to the public welfare no longer exists.
History:
Add. 2002, Act 390, Imd. Eff. May 30, 2002
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060h - Hearing; Decision; Findings; Judicial Review; Stay.

487.2060h Hearing; decision; findings; judicial review; stay.
Sec. 10h.
(1) A hearing under section 10 or 10g shall be conducted under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Within 30 days after the commissioner has notified the parties that the case has been submitted to him or her for final decision, the commissioner shall render a decision that shall include findings of fact supporting the decision and serve upon each party to the proceeding a copy of the decision and an order consistent with the decision.
(2) Except for a consent order, a party to the proceeding, or a person affected by an order issued under section 10 or section 10g may obtain a judicial review of the order. A consent order may be reviewed as provided under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Except for an order under judicial review, the commissioner may terminate or set aside any order. The commissioner may terminate or set aside an order under judicial review with the permission of the court.
(3) Unless ordered by the court, the commencement of proceedings for judicial review under subsection (2) does not stay the commissioner's order.
History:
Add. 2002, Act 390, Imd. Eff. May 30, 2002
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060i - Enforcement of Order; Jurisdiction.

487.2060i Enforcement of order; jurisdiction.
Sec. 10i.
The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 10, 10f, or 10g.
History:
Add. 2002, Act 390, Imd. Eff. May 30, 2002
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060j - Violation as Misdemeanor; Penalty.

487.2060j Violation as misdemeanor; penalty.
Sec. 10j.
Any current or former executive officer, director, agent, or control person who violates a final order issued under section 10g is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 or imprisonment for not more than 1 year, or both.
History:
Add. 2002, Act 390, Imd. Eff. May 30, 2002
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2060k - Violation of Order; Exceptions.

487.2060k Violation of order; exceptions.
Sec. 10k.
A control person who is subject to an order issued under section 10g(6) and who meets all of the following requirements is not in violation of the order:
(a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee after the date the order is issued.
(b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee to an unrelated third party.
History:
Add. 2002, Act 390, Imd. Eff. May 30, 2002