reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2061 - Annual Schedule of Fees; Fees Nonrefundable; Action for Recovery of Fees or Penalties; Disposition of Money Received.

487.2061 Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received.
Sec. 11.
(1) The commissioner shall annually establish a schedule of fees sufficient to pay in full the bureau's costs of administering this act. The fees are as follows:
(a) For an application fee, not less than $500.00 or more than $2,000.00. However, if an applicant has 1 or more licenses under the financial licensing acts, the application fee shall be not less than $100.00 or more than $700.00.
(b) For amending or reissuing a license, not less than $50.00 or more than $100.00.
(c) An annual operating fee based upon the volume and types of activities conducted by the licensee during the previous calendar year. The annual operating fee set by the commissioner under this subsection shall be based upon information in reports filed under section 15.
(d) A licensee shall pay the actual travel, lodging, and meal expenses incurred by bureau employees who travel out of state to examine the records of or investigate the licensee.
(2) Fees received under this act are not refundable, except that if an application for license is not approved, the bureau shall refund the prepaid annual operating fee.
(3) If any fees or penalties provided for in this act are not paid when required, the attorney general may maintain an action against the delinquent licensee for the recovery of the fees or penalties, together with interest and costs.
(4) Money received under this act shall be paid into the state treasury and credited to the financial institutions bureau for the operation of the bureau.
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 487.2062 - Investigation of Business Activities; Examination of Books, Accounts, Records, and Files; Additional Reports; Audit and Management Letter.

487.2062 Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter.
Sec. 12.
(1) The commissioner at any time may investigate the business activities as the commissioner considers necessary, may examine the books, accounts, records, and files used and maintained by any licensee, and may require the licensee to furnish additional reports relating to the licensee's business.
(2) The commissioner may accept an audit and management letter regarding the affairs of any licensee under this act, if made by a certified public accountant.
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 487.2063 - Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.

487.2063 Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.
Compiler's Notes:
The repealed section pertained to disposition and use of money received.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2064 - Records.

487.2064 Records.
Sec. 14.
(1) A licensee under this act shall maintain records relating to all transactions under this act so that the commissioner may enforce compliance with this act. Records shall be made available to the commissioner during normal business hours upon request.
(2) A licensee shall preserve and keep available for examination by the commissioner each loan document in its possession or control, including the application, credit report, employment verification, loan disclosure statement, and settlement statement, until the loan is transferred or assigned, or the expiration of 2 years after the date the loan is made, whichever occurs first.
(3) If the loan is transferred or assigned, the licensee shall preserve and keep available for examination by the commissioner, as applicable, copies of the promissory note, mortgage, truth-in-lending disclosure statement, and settlement statement in its possession or control for 3 years after the date the loan is transferred or assigned.
(4) Notwithstanding any other provision of this act, each licensee shall preserve and keep available for examination by the commissioner all documents pertaining to a rejected loan application for a period of time required by state or federal law.
(5) A licensee shall preserve all other books, accounts, records, documents, and files pertaining to the licensee's business and keep them available for examination by the commissioner for not less than 2 years after the conclusion of the fiscal year of the licensee in which the book, account, record, document, or file was created.
(6) The requirements of this section shall not be construed to prohibit keeping records by electronic data processing methods.
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 487.2065 - Annual Report; Failure to File Report; Penalty.

487.2065 Annual report; failure to file report; penalty.
Sec. 15.
(1) 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 types 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.
(2) The fine for failure to file a report required by this act is $25.00 for each day the report is delinquent or $1,000.00, whichever is less. Failure to file a report required by this act may result in nonrenewal of the license by 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 487.2066 - Conservatorship or Receivership.

487.2066 Conservatorship or receivership.
Sec. 16.
Notwithstanding licensing under this act, if a licensee engaging in the issue or sale of checks that would otherwise be subject to the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, has refused to pay its debts in the ordinary course of business, is unable to pay its obligations generally as they become due, or has liabilities exceeding its assets or whenever it appears to the commissioner that a licensee is in an unsafe or unsound condition, the commissioner may appoint a conservator or, with the attorney general representing the commissioner, may apply to the circuit court for the county in which the licensee is located for the appointment of a receiver for the licensee. The commissioner may require of the conservator a bond and security as the commissioner considers necessary.
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 487.2066a - Licensee Engaged in Loan Servicing Activities; Appointment of Conservator or Receiver.

487.2066a Licensee engaged in loan servicing activities; appointment of conservator or receiver.
Sec. 16a.
If the commissioner determines that a licensee engaging in loan servicing activities, intentionally or as a result of gross or wanton negligence, is not servicing, as applicable, mortgage loans or secondary mortgage loans as required by law or by the terms of the servicing contracts, the commissioner may appoint a conservator for the licensee and require the conservator to provide a bond or security as the commissioner considers necessary. Alternatively, the commissioner, through the attorney general, may apply to the circuit court for the county in which the licensee is located for the appointment of a receiver for the licensee.
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 487.2067 - Prohibited Activities or Practices.

487.2067 Prohibited activities or practices.
Sec. 17.
A licensee under this act shall not do any of the following:
(a) Engage in the business of a real estate broker or real estate salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339.2501 to 339.2518.
(b) Engage in the business of a pawnbroker licensed under 1917 PA 273, MCL 446.201 to 446.219.
(c) Engage in the business of a debt management company licensed under the debt management act, 1975 PA 148, MCL 451.411 to 451.437.
(d) Entering into a tying arrangement through which the licensee conditions the sale of 1 financial service to a consumer on the agreement by the consumer to purchase 1 or more other financial services from the licensee, an affiliate, or subsidiary of the licensee.
(e) Knowingly permit a person to violate an order that has been issued under this act or any other financial licensing act that prohibits that person from being employed by, an agent of, or a control person of the licensee.
History:
1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1999, Act 275, Imd. Eff. Jan. 5, 2000 ;-- Am. 2002, Act 390, Imd. Eff. May 30, 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.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072) › Section 487.2068 - Rules.

487.2068 Rules.
Sec. 18.
The commissioner shall promulgate rules that are necessary for the enforcement of this act in accordance with 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.
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 487.2069 - Obligation of Contract Party Not Impaired or Affected.

487.2069 Obligation of contract party not impaired or affected.
Sec. 19.
This act shall not be construed to impair or affect the obligation of any party to a contract entered into under a provision of the financial licensing acts.
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 487.2070 - Action by Person, County Prosecuting Attorney, or Attorney General.

487.2070 Action by person, county prosecuting attorney, or attorney general.
Sec. 20.
A person, county prosecuting attorney, or the attorney general may bring an action to:
(a) Obtain a declaratory judgment that a method, act, or practice is in violation of this act.
(b) Enjoin a person who is engaging or is about to engage in a method, act, or practice which violates this act.
(c) Recover actual damages resulting from a violation of this act, or $250.00, whichever is greater, together with reasonable attorney's fees and the costs of bringing the action.
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 487.2071 - Effective Date.

487.2071 Effective date.
Sec. 21.
This act shall take effect September 1, 1988.
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 487.2072 - Conditional Effective Date.

487.2072 Conditional effective date.
Sec. 22.
This act shall not take effect unless all of the following bills of the 84th Legislature are enacted into law:
(a) House Bill No. 5209.
(b) House Bill No. 5210.
(c) House Bill No. 5211.
(d) House Bill No. 5212.
(e) House Bill No. 5213.
(f) House Bill No. 5364.
History:
1988, Act 161, Eff. Sept. 1, 1988
Compiler's Notes:
The following bills, referred to in this section, were enacted into law:House Bill No. 5209 was filed with the Secretary of State June 14, 1988, and became P.A. 1988, No. 162, Eff. Sept. 1, 1988.House Bill No. 5210 was filed with the Secretary of State June 14, 1988, and became P.A. 1988, No. 163, Eff. Sept. 1, 1988.House Bill No. 5211 was filed with the Secretary of State June 14, 1988, and became P.A. 1988, No. 164, Eff. Sept. 1, 1988.House Bill No. 5212 was filed with the Secretary of State June 14, 1988, and became P.A. 1988, No. 165, Eff. Sept. 1, 1988.House Bill No. 5213 was filed with the Secretary of State June 14, 1988, and became P.A. 1988, No. 166, Eff. Sept. 1, 1988.House Bill No. 5364 was filed with the Secretary of State June 14, 1988, and became P.A. 1988, No. 159, Eff. Sept. 1, 1988.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 344 of 2020 - Financial Exploitation Prevention Act (487.2081 - 487.2091) › Section 487.2081 - Short Title.

487.2081 Short title.
Sec. 1.
This act shall be known and may be cited as the "financial exploitation prevention act".
History:
2020, Act 344, Eff. Sept. 26, 2021
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 344 of 2020 - Financial Exploitation Prevention Act (487.2081 - 487.2091) › Section 487.2083 - Definitions.

487.2083 Definitions.
Sec. 3.
As used in this act:
(a) "Adult protective services" means the office, division, or unit under the department of health and human services that is charged with investigation of abuse, neglect, or exploitation of vulnerable persons under the social welfare act, 1939 PA 280, MCL 400.1 to 400.119b.
(b) "Caregiver" means a parent or other relative responsible for the health and safety of an individual, or a guardian, conservator, or any other person with legal or fiduciary obligations to an individual.
(c) "Covered financial exploitation" means financial exploitation of an individual through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship.
(d) "Examination and enforcement authority" means 1 of the following:
(i) For the department of insurance and financial services, any and all applicable authority provided under the credit union act, 2003 PA 215, MCL 490.101 to 490.601 or the banking code of 1999, 1999 PA 276, MCL 487.11101 to 487.15105.
(ii) For the National Credit Union Administration, any and all applicable authority provided under the federal credit union act, 12 USC 1751 to 1795k.
(iii) For the Office of the Comptroller of the Currency, any and all applicable authority provided under 12 USC 1 to 5710.
(iv) For the Federal Deposit Insurance Corporation, any and all applicable authority provided under 12 USC 1811 to 1835a.
(v) For the Federal Reserve System, any and all applicable authority provided under 12 USC 221 to 522.
(e) "Financial exploitation" means either of the following:
(i) A fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual who uses or attempts to use the financial resources of another individual for monetary or personal benefit, profit, or gain.
(ii) A fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual that results or is intended to result in depriving another individual of rightful access to or use of benefits, resources, belongings, or assets.
(f) "Financial institution" means a financial institution as defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004.
(g) "Law enforcement agency" means a police agency of a city, village, township, or county or the Michigan state police.
(h) "Unauthorized" means without permission, or utilizing permission obtained from a person through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship.
(i) "Vulnerable adult" means an adult who, because of mental or physical impairment or advanced age, is unable to protect himself or herself from covered financial exploitation.
(j) "Written" means inscribed in a tangible or electronic medium.
History:
2020, Act 344, Eff. Sept. 26, 2021
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 344 of 2020 - Financial Exploitation Prevention Act (487.2081 - 487.2091) › Section 487.2087 - Investigations; Delay or Freeze on Transactions; Exception.

487.2087 Investigations; delay or freeze on transactions; exception.
Sec. 7.
(1) Except as otherwise provided in this subsection, and subject to subsection (3), if a financial institution suspects or detects covered financial exploitation of a member or customer, the financial institution may delay the related transaction for further investigation or examination of available facts. Upon investigation or examination of available facts, if the financial institution still suspects or has detected covered financial exploitation of the member or customer, the financial institution may either continue the delay of related transactions under this subsection or place a freeze on any transactions or assets related to that member's or customer's accounts, individually or jointly held, as provided in this subsection. Any delay or freeze placed by the financial institution must be done according to the terms of any account or service agreement between the financial institution and the member or customer. If there is not an applicable account or service agreement between the financial institution and the member or customer, the financial institution may delay an individual transaction or place a freeze on any transactions or assets relative to that member's or customer's accounts, individually or jointly held, under this section for up to 10 business days, or according to the terms of any applicable court order.
(2) If a financial institution is informed by a law enforcement agency or adult protective services under section 5(4) that suspected or detected covered financial exploitation that has been reported is under investigation, the financial institution may extend the term of a transaction delay or freeze until the financial institution is informed of the dismissal of the reported incident or the financial institution reasonably believes there is no continued risk of covered financial exploitation of the targeted individual, whichever is later.
(3) A financial institution may provide for the processing of any transaction necessary to preserve the health, safety, or financial well-being of a member or customer during the period of a transaction delay or freeze, unless those transactions are related to the suspected covered financial exploitation or the financial institution is directed otherwise by court order.
History:
2020, Act 344, Eff. Sept. 26, 2021
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 344 of 2020 - Financial Exploitation Prevention Act (487.2081 - 487.2091) › Section 487.2089 - Examination and Enforcement Authority.

487.2089 Examination and enforcement authority.
Sec. 9.
(1) Except as provided in subsections (2) and (3), only the state or federal regulatory agency that authorized the financial institution to organize and commence business in its current form and that has examination and enforcement authority over that financial institution may enforce this act.
(2) If a financial institution is organized under the laws of another state or territory of the United States and maintains 1 or more branch offices in this state, only the state regulatory agency of this state that has or shares examination and enforcement authority over the financial institution's operations in this state may enforce this act.
(3) In addition to the general authority of a federal regulatory agency described in subsection (1), the Federal Deposit Insurance Corporation or Federal Reserve System may refer a suspected violation of this act discovered under their examination and enforcement authority to an appropriate agency described in subsection (1) or (2) or take appropriate action under their examination and enforcement authority.
(4) Except with regard to the examination and enforcement authority of the department of insurance and financial services or a federal regulatory agency described in subsection (1), (2), or (3), a financial institution and any of its employees, officers, directors, or affiliates are immune from any liability or penalty under law or regulation of this state or a local unit of government for an action, determination, omission, or process under this act or under a policy governed by this act.
(5) There is no private right of action against a financial institution, or any of its employees, officers, directors, or affiliates, either in law or in equity, for an action, determination, omission, or practice under this act or under a policy governed by this act.
History:
2020, Act 344, Eff. Sept. 26, 2021
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 344 of 2020 - Financial Exploitation Prevention Act (487.2081 - 487.2091) › Section 487.2091 - Construction of Act.

487.2091 Construction of act.
Sec. 11.
(1) This act shall not be construed as limiting the responsibilities of a law enforcement agency to enforce the laws of this state or as precluding a law enforcement agency from reporting and investigating, as appropriate, alleged criminal conduct.
(2) This act shall not be construed as limiting the ability or authority of a financial institution to take otherwise lawful actions under local, state, or federal law or private agreement; or to report or prevent fraud or other illegal activity related to its operations or the assets of a member or customer that are held by the financial institution.
(3) This act shall not be construed as restricting or prohibiting a person, other than an individual who is acting as an employee of a financial institution, that suspects or finds that covered financial exploitation of an individual has occurred or is being attempted by another individual from making a report to a law enforcement agency or adult protective services.
(4) This act shall not be construed as limiting the responsibilities of adult protective services to investigate, as appropriate, alleged abuse of any adult in need of protective services, as that term is defined in section 11(b) of the social welfare act, 1939 PA 280, MCL 400.11.
History:
2020, Act 344, Eff. Sept. 26, 2021
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 190 of 1991 - State Employee Payroll Deduction Program (487.2101 - 487.2105) › Section 487.2101 - Definitions.

487.2101 Definitions.
Sec. 1.
As used in this act:
(a) "College or university" means a state-supported college or university.
(b) "Department" means the department of treasury.
(c) "Financial institution" means a state or nationally chartered bank, a state or federally chartered savings and loan association or savings bank, or a state or federally chartered credit union.
(d) "Person" means an individual, partnership, association, corporation, governmental entity, or any other legal entity.
(e) "State employee" means a classified or unclassified member of the state civil service or an unclassified employee of the executive, legislative, or judicial branch of state government.
History:
1991, Act 190, Imd. Eff. Dec. 27, 1991
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 190 of 1991 - State Employee Payroll Deduction Program (487.2101 - 487.2105) › Section 487.2102 - Enrollment in Distribution System for Direct Deposit of Retirement Benefit With Financial Institution; Electronic Fund Transfer of State College and University Payments.

487.2102 Enrollment in distribution system for direct deposit of retirement benefit with financial institution; electronic fund transfer of state college and university payments.
Sec. 2.
(1) The bureau of retirement systems in the department of management and budget shall enroll recipients of a state retirement benefit who elect enrollment in a distribution system that directs the entire net amount of the monthly retirement benefit to be directly deposited by the department into 1 or more accounts maintained by the recipient of a state retirement benefit with 1 or more financial institutions.
(2) The department shall maintain a distribution system by which all state college and university monthly state payments will be made by electronic funds transfer on the next business day following the fifteenth of the month during a month a payment is scheduled to be made.
(3) The department shall enroll active state employees who elect enrollment in a distribution system that directly deposits their net payroll amount into 1 or more accounts at 1 or more financial institutions.
History:
1991, Act 190, Imd. Eff. Dec. 27, 1991 ;-- Am. 2000, Act 495, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 190 of 1991 - State Employee Payroll Deduction Program (487.2101 - 487.2105) › Section 487.2103 - Establishment of Criteria and Distribution System for Participation by Financial Institution.

487.2103 Establishment of criteria and distribution system for participation by financial institution.
Sec. 3.
The department and the department of management and budget shall establish criteria and the distribution system by which a financial institution may participate in a state payroll deduction program.
History:
1991, Act 190, Imd. Eff. Dec. 27, 1991 ;-- Am. 2000, Act 495, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 190 of 1991 - State Employee Payroll Deduction Program (487.2101 - 487.2105) › Section 487.2104 - Rules; Participation Prohibited Under Certain Conditions.

487.2104 Rules; participation prohibited under certain conditions.
Sec. 4.
(1) The department shall promulgate rules to implement this act pursuant 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.
(2) The promulgated rules shall include the terms and conditions of any agreements under this act between the participating financial institutions and the department or between the employee, university, or retirement recipient and the department.
(3) A university shall not participate in the direct deposit program unless the university electronically pays to the state its sales, use, and withholding taxes.
History:
1991, Act 190, Imd. Eff. Dec. 27, 1991 ;-- Am. 1993, Act 100, Imd. Eff. July 13, 1993
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 190 of 1991 - State Employee Payroll Deduction Program (487.2101 - 487.2105) › Section 487.2105 - Fee; Limitation; Prohibition.

487.2105 Fee; limitation; prohibition.
Sec. 5.
(1) Beginning January 1, 1994, the department may charge a participating financial institution a reasonable fee not greater than the actual costs of administering the direct deposit program or a fee of 25 cents, whichever is less, for each transaction and prenotification. The department shall not charge or impose any fee on a participating state employee, state college or university, or state retirement recipient.
(2) A financial institution that electronically pays to the state its sales, use, and withholding taxes shall not be charged a fee to participate in a program under this act.
History:
Add. 1993, Act 100, Imd. Eff. July 13, 1993 ;-- Am. 2000, Act 495, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 1 - (487.2121...487.2122) › Section 487.2121 - Short Title.

487.2121 Short title.
Sec. 1.
This act shall be known and may be cited as the "deferred presentment service transactions act".
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2131 - Business of Providing Deferred Presentment Service Transactions; License Required; Scope of Act; Application Process and Timeline; Bulletin, Order, or Rule.

487.2131 Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.
Sec. 11.
(1) Subject to subsection (2), a person shall not engage in the business of providing deferred presentment service transactions after June 1, 2006 without a license under this act. A separate license is required for each location from which the business of providing deferred presentment service transactions is conducted.
(2) This act does not apply to a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits or member accounts are insured by an agency of the United States government.
(3) By January 1, 2006, the commissioner by administrative bulletin, order, or rule shall establish an application process and an application timeline for license applications under this act.
(4) A person may continue to engage in the business of providing deferred presentment service transactions in this state after June 1, 2006 and without a license until 1 of the following occurs:
(a) The person fails to meet its applications deadline.
(b) The commissioner acts on the person's complete application.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2132 - Licensure Requirements.

487.2132 Licensure requirements.
Sec. 12.
To obtain a license, an applicant shall satisfy all of the following requirements:
(a) Have and maintain net worth of at least $50,000.00 for each licensed location, subject to a maximum of $250,000.00 in required net worth for any 1 licensee, determined in accordance with generally accepted accounting principles.
(b) Demonstrate to the commissioner that the applicant has the financial responsibility, financial condition, business experience, character, and general fitness to reasonably warrant a belief that the applicant will conduct its business lawfully and fairly. In determining whether this subdivision is satisfied, and for the purpose of investigating compliance with this act, the commissioner may review any of the following:
(i) The relevant business records and the capital adequacy of the applicant.
(ii) The competence, experience, integrity, and financial ability of any person who is a member, partner, executive officer, or a shareholder with 10% or more interest in the applicant.
(iii) Any record regarding the applicant, or any person referred to in subparagraph (ii), of any criminal activity, fraud, or other act of personal dishonesty, any act, omission, or practice that constitutes a breach of a fiduciary duty, or any suspension, removal, or administrative action by any agency or department of the United States or any state.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2133 - Application; Writing; Oath; Form; Information; Fee.

487.2133 Application; writing; oath; form; information; fee.
Sec. 13.
(1) An applicant shall submit an application for a license to the commissioner. Each application for a license shall be in writing and under oath, in a form prescribed by the commissioner, and shall include all of the following information:
(a) The name, street address, and telephone number of the business location within this state from which the applicant will offer deferred presentment service transactions, if available.
(b) The legal name, residence, street address, and telephone number and business address of the applicant and, if the applicant is not an individual, of each executive officer and each person who directly or indirectly owns or controls 10% or more of the ownership interest in the applicant.
(c) If the applicant will not operate a physical business location in this state or if in addition to the location described in subdivision (a) the applicant will make deferred presentment service transactions by other means, a detailed description of the manner in which deferred presentment service transactions will be offered to customers in this state.
(d) Any other information the commissioner considers necessary under this act.
(2) An applicant shall include an application fee in an amount determined by the commissioner with the application described in subsection (1).
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2134 - License Fees; Disposition; Surety Bond.

487.2134 License fees; disposition; surety bond.
Sec. 14.
(1) A licensee shall pay a license fee, in an amount determined by the commissioner under subsection (2), within 60 days of submitting its license application, and then annually.
(2) The commissioner shall annually establish a schedule of license fees based upon each licensee's business volume, number of locations, and any other business factors considered reasonable by the commissioner in order to generate funds sufficient to pay, but not to exceed, the office's reasonably anticipated costs of administering this act. A licensee shall pay the actual travel, lodging, and meal expenses incurred by office employees who travel out of state to examine the records of or investigate the licensee. An office employee who travels under this subsection shall comply with all travel regulations and rate schedules currently in effect for the reimbursement of expenses incurred by classified state employees in connection with official state business.
(3) Money received under this act shall be deposited in an interest bearing account in the state treasury and credited to the office to be used only for the operation of the office.
(4) In addition to the license fee required under subsection (1), except as provided in this subsection, a licensee shall furnish a $50,000.00 surety bond to secure the performance of its obligations, issued by a bonding company or insurance company authorized to do business in this state and in a form satisfactory to the commissioner. However, if 1 person owns 20% or more of the ownership interest in 2 or more licensees, the group of licensees having that common ownership is only obligated to furnish one $50,000.00 surety bond.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2135 - Issuance of License Upon Investigation That Requirements Satisfied; Posting Copy of License.

487.2135 Issuance of license upon investigation that requirements satisfied; posting copy of license.
Sec. 15.
(1) After the commissioner receives a completed license application, the commissioner shall investigate to determine whether the requirements of this act are satisfied. If the commissioner finds that the requirements of this act are satisfied, the commissioner shall issue to the applicant a license to engage in deferred presentment service transactions.
(2) A licensee shall post a copy of its license in a conspicuous location at the place of business of the licensee.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2136 - Denial of Application or Failure to Act Within Certain Time Period; Hearing.

487.2136 Denial of application or failure to act within certain time period; hearing.
Sec. 16.
(1) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(2) If the commissioner denies an application, or if the commissioner fails to act on an application within 60 days after the filing of a properly completed application, or within a longer time period agreed to by the commissioner and the applicant, the applicant may submit a written demand to the commissioner for a hearing before the commissioner on the question of whether the commissioner should grant a license. If a hearing is held, the commissioner shall reconsider the application, and issue a written order granting or denying the application after the hearing.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2137 - License Not Transferable or Assignable; Change in Control; Duties of Licensee; Request for Information or Documentation; "Control" Defined.

487.2137 License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.
Sec. 17.
(1) A license issued under this article is not transferable or assignable.
(2) The prior written approval of the commissioner is required for the continued operation of a licensee if there is a change in control of that licensee. The commissioner may require information considered necessary to determine whether a new application is required. The person that requests the approval shall pay the cost incurred by the commissioner in investigating the change of control request.
(3) A licensee shall do all of the following:
(a) At least 15 days before providing deferred presentment service transactions at any new location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the new location or the detailed description required in section 13(1)(c).
(b) At least 15 days before discontinuing deferred presentment service transactions at any existing location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the discontinued location or the detailed description of the services required in section 13(1)(c).
(4) A licensee shall comply with any request for information or documentation made by the commissioner under this act and shall comply with any reasonable written time deadlines imposed by the commissioner on that request.
(5) As used in this section, "control" means 1 of the following:
(a) For a corporation, direct or indirect ownership of, or the right to control, 10% or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy.
(b) For any entity other than a corporation, the ability to change the principals of the organization, whether active or passive.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2138 - Report Describing Certain Event.

487.2138 Report describing certain event.
Sec. 18.
The commissioner may determine and identify by order or rule events that may occur to a licensee that require the licensee to file a written report with the commissioner describing the event and its expected impact on the activities of the licensee, on a form prescribed by the commissioner for the event.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2139 - Expiration and Renewal of License.

487.2139 Expiration and renewal of license.
Sec. 19.
(1) A license issued under this article shall expire on September 30 of each year unless earlier suspended, surrendered, or revoked under this act. A licensee may renew a license for a 12-month period by submitting a complete application that shows continued compliance with this act, in a form prescribed by the commissioner, and paying the license renewal fee to the commissioner. The licensee shall submit a renewal application under this subsection on or before August 1 and the commissioner shall proceed in the manner described in sections 15(1) and 16.
(2) Before October 1, 2006, the commissioner may issue a license to an applicant under this article that is for a period longer than 12 months and that expires on September 30, 2007.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005