Go To Top capitol dome
Michigan Legislature
Michigan Compiled Laws Complete Through PA 255 of 2017
House: Adjourned until Tuesday, January 23, 2018 6:00:00 PM
Senate: Adjourned until Tuesday, January 23, 2018 10:00:00 AM

Michigan Legislature

Main Content

Section 445.1668e

Jump to the first occurrence of "MORTGAGE BROKERS, LENDERS,"

MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (EXCERPT)
Act 173 of 1987


445.1668e Violation of order; exceptions.

Sec. 18e.

A control person who is subject to an order issued under section 18a 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 or registrant 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 or registrant to an unrelated third party.


History: Add. 2002, Act 391, Imd. Eff. May 30, 2002


© 2017 Legislative Council, State of Michigan

up icon