MCL - Act 161 of 1988


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

The People of the State of Michigan enact:
Document Type Description
Section 487.2051 Section Short title.
Section 487.2052 Section Definitions.
Section 487.2053 Section License required to engage in business activity; exceptions.
Section 487.2054 Section License application.
Section 487.2055 Section License fee; investigation fee; financial statements; net worth requirements.
Section 487.2056 Section Surety bond or letter of credit.
Section 487.2057 Section Investigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment.
Section 487.2058 Section License 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 487.2059 Section Compliance; 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 487.2060 Section Suspension 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 487.2060a Section Request for reconsideration.
Section 487.2060b Section Hearing; judicial review.
Section 487.2060c Section Enforcement of notice or order.
Section 487.2060d Section Summary suspension; order; hearing; record.
Section 487.2060e Section Summary suspension order, cease and desist order, or injunctive relief as additional legal action.
Section 487.2060f Section Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Section 487.2060g Section Fraud or money laundering; definitions.
Section 487.2060h Section Hearing; decision; findings; judicial review; stay.
Section 487.2060i Section Enforcement of order; jurisdiction.
Section 487.2060j Section Violation as misdemeanor; penalty.
Section 487.2060k Section Violation of order; exceptions.
Section 487.2061 Section Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received.
Section 487.2062 Section Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter.
Section 487.2063 Section Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.
Section 487.2064 Section Records.
Section 487.2065 Section Annual report; failure to file report; penalty.
Section 487.2066 Section Conservatorship or receivership.
Section 487.2066a Section Licensee engaged in loan servicing activities; appointment of conservator or receiver.
Section 487.2066b Section Powers and duties of conservator or receiver.
Section 487.2067 Section Prohibited activities or practices.
Section 487.2068 Section Rules.
Section 487.2069 Section Obligation of contract party not impaired or affected.
Section 487.2070 Section Action by person, county prosecuting attorney, or attorney general.
Section 487.2071 Section Effective date.
Section 487.2072 Section Conditional effective date.