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2006 Michigan Compiled Laws - Act 161 of 1988


CONSUMER FINANCIAL SERVICES ACT

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:

DocumentDescription
Section 487.2051Short title.
Section 487.2052Definitions.
Section 487.2053License required to engage in business activity; exceptions.
Section 487.2054License application.
Section 487.2055License fee; investigation fee; financial statements; net worth requirements.
Section 487.2056Surety bond or letter of credit.
Section 487.2057Investigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment.
Section 487.2058License 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 487.2059Compliance; exemption of licensee from certain provisions of financial licensing acts; purchase of certain contracts; loans.
Section 487.2060Suspension 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 487.2060aRequest for reconsideration.
Section 487.2060bHearing; judicial review.
Section 487.2060cEnforcement of notice or order.
Section 487.2060dSummary suspension; order; hearing; record.
Section 487.2060eSummary suspension order, cease and desist order, or injunctive relief as additional legal action.
Section 487.2060fInvestigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Section 487.2060gFraud or money laundering; definitions.
Section 487.2060hHearing; decision; findings; judicial review; stay.
Section 487.2060iEnforcement of order; jurisdiction.
Section 487.2060jViolation as misdemeanor; penalty.
Section 487.2060kViolation of order; exceptions.
Section 487.2061Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received.
Section 487.2062Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter.
Section 487.2063Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.
Section 487.2064Records.
Section 487.2065Annual report; failure to file report; penalty.
Section 487.2066Conservatorship or receivership.
Section 487.2066aLicensee engaged in loan servicing activities; appointment of conservator or receiver.
Section 487.2066bPowers and duties of conservator or receiver.
Section 487.2067Prohibited activities or practices.
Section 487.2068Rules.
Section 487.2069Obligation of contract party not impaired or affected.
Section 487.2070Action by person, county prosecuting attorney, or attorney general.
Section 487.2071Effective date.
Section 487.2072Conditional effective date.

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