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2020 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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