2006 Michigan Compiled Laws - Mich. Comp. Laws § 487.2059 Compliance; exemption of licensee from certain provisions of financial licensing acts; purchase of certain contracts; loans.

Sec. 9.

(1) Except as otherwise provided by subsection (2), a licensee under this act shall comply with all of the requirements of the financial licensing acts.

(2) A licensee under this act shall be exempt from provisions of the financial licensing acts regulating the following:

(a) Application procedures.

(b) Licensing procedures.

(c) Payment of fees by the licensee.

(d) Filing of surety bonds.

(e) Denial, suspension, or revocation of a license.

(f) Retention of records.

(g) Filing of reports.

(3) A licensee may purchase a contract made in compliance with the retail installment sales act, 1966 PA 224, MCL 445.851 to 445.873, or the home improvement finance act, 1965 PA 332, MCL 445.1101 to 445.1431.

(4) A licensee may have 1 or more loans outstanding to 1 borrower, but no single loan transaction shall violate the financial licensing act which regulates the type of loan transaction.

History: 1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1999, Act 275, Imd. Eff. Jan. 5, 2000
Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at § 445.2003 of the Michigan compiled laws.