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2018 Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 161 of 1988 CONSUMER FINANCIAL SERVICES ACT (487.2051 - 487.2072)
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
- Section 487.2051 Short title.
- Section 487.2052 Definitions.
- Section 487.2053 License required to engage in business activity; exceptions.
- Section 487.2054 License application.
- Section 487.2055 License fee; investigation fee; financial statements; net worth requirements.
- Section 487.2056 Surety bond or letter of credit.
- Section 487.2057 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 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 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 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 Request for reconsideration.
- Section 487.2060b Hearing; judicial review.
- Section 487.2060c Enforcement of notice or order.
- Section 487.2060d Summary suspension; order; hearing; record.
- Section 487.2060e Summary suspension order, cease and desist order, or injunctive relief as additional legal action.
- Section 487.2060f Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
- Section 487.2060g Fraud or money laundering; definitions.
- Section 487.2060h Hearing; decision; findings; judicial review; stay.
- Section 487.2060i Enforcement of order; jurisdiction.
- Section 487.2060j Violation as misdemeanor; penalty.
- Section 487.2060k Violation of order; exceptions.
- Section 487.2061 Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received.
- Section 487.2062 Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter.
- Section 487.2063 Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.
- Section 487.2064 Records.
- Section 487.2065 Annual report; failure to file report; penalty.
- Section 487.2066 Conservatorship or receivership.
- Section 487.2066a Licensee engaged in loan servicing activities; appointment of conservator or receiver.
- Section 487.2066b Powers and duties of conservator or receiver.
- Section 487.2067 Prohibited activities or practices.
- Section 487.2068 Rules.
- Section 487.2069 Obligation of contract party not impaired or affected.
- Section 487.2070 Action by person, county prosecuting attorney, or attorney general.
- Section 487.2071 Effective date.
- Section 487.2072 Conditional effective date.
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