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Michigan Legislature
Michigan Compiled Laws Complete Through PA 137 of 2018
House: Adjourned until Tuesday, May 29, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, May 29, 2018 10:00:00 AM

Michigan Legislature

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Section 445.1668e

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

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

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