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MORTGAGE BROKERS, LENDERS, AND SERVICERS LICENSING ACT (EXCERPT)
Act 173 of 1987
445.1668e Violation of order; exceptions.
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
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