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2020 Michigan Compiled Laws
Chapter 493 - Regulatory Loans
Act 21 of 1939 Regulatory Loan Act (493.1 - 493.26)
Section 493.9g Violation of Order; Exceptions.
Universal Citation: MI Comp L § 493.9g (2020)
493.9g Violation of order; exceptions.
Sec. 9g.
A control person who is subject to an order issued under section 9c and who meets all of the following requirements is not in violation of the order:
(a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee after the date the order is issued.
(b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee to an unrelated third party.
History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
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