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Act 161 of 1988
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Act 161 of 1988

AN ACT to regulate the providing of certain consumer financial services; to provide for licensing of certain financial institutions; to prescribe powers and duties of certain state departments and agencies; to prohibit certain activities; and to provide for remedies and penalties.

History: 1988, Act 161, Eff. Sept. 1, 1988

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 487.2051SectionShort title.
Section 487.2052SectionDefinitions.
Section 487.2053SectionLicense required to engage in business activity; exceptions.
Section 487.2054SectionLicense application.
Section 487.2055SectionLicense fee; investigation fee; financial statements; net worth requirements.
Section 487.2056SectionSurety bond or letter of credit.
Section 487.2057SectionInvestigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment.
Section 487.2058SectionLicense 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.
Section 487.2059SectionCompliance; exemption of licensee from certain provisions of financial licensing acts; purchase of certain contracts; loans; employment of individual as loan officer to originate mortgage loans or secondary mortgage loan officer to originate secondary mortgage loans; "employ" defined.
Section 487.2060SectionSuspension or revocation of license; notice; hearing; determination; appeal; grounds for suspending, revoking, or refusing to renew license; suspension or revocation of activities; investigations, examinations, and hearings; evidence; failure to comply with subpoena; cease and desist order.
Section 487.2060aSectionRequest for reconsideration.
Section 487.2060bSectionHearing; judicial review.
Section 487.2060cSectionEnforcement of notice or order.
Section 487.2060dSectionSummary suspension; order; hearing; record.
Section 487.2060eSectionSummary suspension order, cease and desist order, or injunctive relief as additional legal action.
Section 487.2060fSectionInvestigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Section 487.2060gSectionFraud or money laundering; definitions.
Section 487.2060hSectionHearing; decision; findings; judicial review; stay.
Section 487.2060iSectionEnforcement of order; jurisdiction.
Section 487.2060jSectionViolation as misdemeanor; penalty.
Section 487.2060kSectionViolation of order; exceptions.
Section 487.2061SectionAnnual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received.
Section 487.2062SectionInvestigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter.
Section 487.2063SectionRepealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.
Section 487.2064SectionRecords.
Section 487.2065SectionAnnual report; failure to file report; penalty.
Section 487.2066SectionConservatorship or receivership.
Section 487.2066aSectionLicensee engaged in loan servicing activities; appointment of conservator or receiver.
Section 487.2066bSectionPowers and duties of conservator or receiver.
Section 487.2067SectionProhibited activities or practices.
Section 487.2068SectionRules.
Section 487.2069SectionObligation of contract party not impaired or affected.
Section 487.2070SectionAction by person, county prosecuting attorney, or attorney general.
Section 487.2071SectionEffective date.
Section 487.2072SectionConditional effective date.
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