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2020 Michigan Compiled Laws
Chapter 493 - Regulatory Loans
Act 21 of 1939 Regulatory Loan Act (493.1 - 493.26)
AN ACT to define and regulate the business of making regulatory loans; to permit the licensing of persons engaged in that business; to provide for the administration of this act and for the promulgation of rules; and to prescribe penalties.
History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- Am. 1947, Act 130, Eff. Oct. 11, 1947 ;-- Am. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- Am. 1980, Act 392, Eff. Mar. 31, 1981 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002
- Section 493.1 Short Title; Definitions.
- Section 493.1a Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
- Section 493.2 Business of Making Loans; License Required; Application for License; Oath; Form and Contents; Fees; Proof of Net Worth.
- Section 493.3 Licenses; Bond of Applicant; Approval; Conditions.
- Section 493.4 Investigation; Findings; Issuance or Denial of License; Notice; Transcript of Decision and Findings.
- Section 493.5 Licenses; Contents; Posting; Transfer; Assignment.
- Section 493.6 Net Worth; Additional Bond; Filing.
- Section 493.7 Changing Name or Place of Business; Procedure; Activities at More Than 1 Place of Business; Ceasing to Engage in Activities Subject to Act.
- Section 493.8 Annual Establishment of Fees Schedule; Bond; Action for Recovery of Fees or Penalties; Fees Nonrefundable; Report; Disposition and Use of Money Received.
- Section 493.9 Revocation, Suspension, or Surrender of License; Reinstatement or Issuance of New License; Transcript of Order.
- Section 493.9a Cease and Desist Order; Grounds; Notice; Failure to Appear at Hearing; Findings; Effective Date and Duration of Order.
- Section 493.9b Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension.
- Section 493.9c Fraud.
- Section 493.9d Hearing; Decision; Findings; Judicial Review; Stay.
- Section 493.9e Enforcement of Order; Jurisdiction.
- Section 493.9f Violation as Misdemeanor; Penalty.
- Section 493.9g Violation of Order; Exceptions.
- Section 493.10 Commissioner of State Banking Department; Authority to Investigate Business and Examine Records; Witnesses; Examination of Licensee; Construction of Section; Disposition of Fees.
- Section 493.11 Books, Accounts, and Records of Licensee; Preservation and Accessibility; Filing Financial Statement With Commissioner; Reports.
- Section 493.12 Statements or Representations by Licensee; Lien on Real Estate; Confession of Judgment or Power of Attorney Prohibited; Note or Evidence of Indebtedness; Blanks; Discrimination on Basis of Sex or Marital Status Prohibited; Knowingly Permitting Person to Violate Order; Fee; Conditions.
- Section 493.12a False, Misleading, Deceptive, or Irresponsible Advertising Unlawful; Definition; Requirements for Advertising.
- Section 493.12b Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
- Section 493.12c False, Misleading, Deceptive, or Irresponsible Advertising; Report to Attorney General; Action to Restrain by Temporary or Permanent Injunction; Costs; Civil Penalty; Notice to Licensee; Assurance of Discontinuance; Violation Subject to Civil Penalty; Jurisdiction, Continuance of Cause, and Petition for Recovery of Civil Penalty; Effect of Action or Failure to Act by Commissioner.
- Section 493.12d Action to Enjoin Licensee From Advertising; Circuit Court.
- Section 493.13 Limitation on Amount of Loan and Interest Charge; Obligation Under More Than 1 Loan Contract; Computation and Payment of Charges; Loan Processing Fee; Fees; Amount Other Than or in Excess of Charges Permitted by Act; Penalties; “Open-End Credit” Defined.
- Section 493.13a Credit Life Insurance; Other Insurance.
- Section 493.14 Licensee; Duties.
- Section 493.14a Compliance With Federal Consumer Credit Protection Act.
- Section 493.15 Contract in Compliance With Retail Installment Sales Act or Home Improvement Finance Act.
- Section 493.15a Regulatory Loan Contract; Nonperformance by Borrower; Advances by Licensee; Termination of Insurance Upon Reinstatement of Contractual Duties by Borrower.
- Section 493.16 Repealed. 1978, Act 528, Eff. Mar. 30, 1979.
- Section 493.17 Assignment or Order for Payment of Compensation to Secure Loan Invalid; Validity of Chattel Mortgage or Lien on Household Goods; Married Borrower; Signatures; Written Assent of Spouse.
- Section 493.18 Unlicensed Persons; Limitation on Interest, Discount, or Consideration; Applicability of Act to Loans Made in Another State or Country.
- Section 493.19 Violation as Misdemeanor; Penalty.
- Section 493.20 Businesses Exempt From Act.
- Section 493.21 Enforcement of Act; Rules.
- Section 493.22 Amendments or Repeals of Act; Impairment of Obligation.
- Section 493.23 Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
- Section 493.24 Review of Decisions and Regulations; Limitations; Method; Jurisdiction of Courts.
- Section 493.25 Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
- Section 493.26 Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
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