Act

Consumer financial services act

Mich. Comp. Laws § 487.2051— Short title
Mich. Comp. Laws § 487.2052— Definitions
Mich. Comp. Laws § 487.2053— License required to engage in business activity; exceptions
Mich. Comp. Laws § 487.2054— License application
Mich. Comp. Laws § 487.2055— License fee; investigation fee; financial statements; net worth requirements
Mich. Comp. Laws § 487.2056— Surety bond or letter of credit
Mich. Comp. Laws § 487.2057— Investigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment
Mich. Comp. Laws § 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
Mich. Comp. Laws § 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
Mich. Comp. Laws § 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
Mich. Comp. Laws § 487.2060a— Request for reconsideration
Mich. Comp. Laws § 487.2060b— Hearing; judicial review
Mich. Comp. Laws § 487.2060c— Enforcement of notice or order
Mich. Comp. Laws § 487.2060d— Summary suspension; order; hearing; record
Mich. Comp. Laws § 487.2060e— Summary suspension order, cease and desist order, or injunctive relief as additional legal action
Mich. Comp. Laws § 487.2060f— Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension
Mich. Comp. Laws § 487.2060g— Fraud or money laundering; definitions
Mich. Comp. Laws § 487.2060h— Hearing; decision; findings; judicial review; stay
Mich. Comp. Laws § 487.2060i— Enforcement of order; jurisdiction
Mich. Comp. Laws § 487.2060j— Violation as misdemeanor; penalty
Mich. Comp. Laws § 487.2060k— Violation of order; exceptions
Mich. Comp. Laws § 487.2061— Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received
Mich. Comp. Laws § 487.2062— Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter
Mich. Comp. Laws § 487.2064— Records
Mich. Comp. Laws § 487.2065— Annual report; failure to file report; penalty
Mich. Comp. Laws § 487.2066— Conservatorship or receivership
Mich. Comp. Laws § 487.2066a— Licensee engaged in loan servicing activities; appointment of conservator or receiver
Mich. Comp. Laws § 487.2066b— Powers and duties of conservator or receiver
Mich. Comp. Laws § 487.2067— Prohibited activities or practices
Mich. Comp. Laws § 487.2068— Rules
Mich. Comp. Laws § 487.2069— Obligation of contract party not impaired or affected
Mich. Comp. Laws § 487.2070— Action by person, county prosecuting attorney, or attorney general
Mich. Comp. Laws § 487.2071— Effective date
Mich. Comp. Laws § 487.2072— Conditional effective date