2010 Michigan Compiled Laws
Chapter 487 - FINANCIAL INSTITUTIONS
Act 244 of 2005 - DEFERRED PRESENTMENT SERVICE TRANSACTIONS ACT (487.2121 - 487.2173)
244-2005-2 - ARTICLE 2 (487.2131...487.2142)
Section 487.2139 - Expiration and renewal of license.
DEFERRED PRESENTMENT SERVICE TRANSACTIONS ACT (EXCERPT)Act 244 of 2005
487.2139 Expiration and renewal of license.
Sec. 19.
(1) A license issued under this article shall expire on September 30 of each year unless earlier suspended, surrendered, or revoked under this act. A licensee may renew a license for a 12-month period by submitting a complete application that shows continued compliance with this act, in a form prescribed by the commissioner, and paying the license renewal fee to the commissioner. The licensee shall submit a renewal application under this subsection on or before August 1 and the commissioner shall proceed in the manner described in sections 15(1) and 16.
(2) Before October 1, 2006, the commissioner may issue a license to an applicant under this article that is for a period longer than 12 months and that expires on September 30, 2007.
History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
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