Section 328.229 – Irrevocable Prepaid Contract Approved by Family Independence Agency or Department of Community Health; Rules.
328.229 Irrevocable prepaid contract approved by family independence agency or department of community health; rules. Sec. 19. (1) A prepaid contract may be made with an applicant for or recipient of assistance under the social welfare act, 1939 PA 280, MCL 400.1 to 400.119b, or a patient or a legal guardian of a patient in […]
Section 328.230 – Complaint; Investigation; Examination of Books, Records, Contracts, and Other Documents; Duties of Department on Determination of Reasonable Cause to Believe in Occurrence of Violation; Violation; Hearing; Duties of Department on Determination of Violation.
328.230 Complaint; investigation; examination of books, records, contracts, and other documents; duties of department on determination of reasonable cause to believe in occurrence of violation; violation; hearing; duties of department on determination of violation. Sec. 20. (1) Upon complaint made by any person, or upon its own initiative, the department may investigate alleged violations of […]
Section 328.231 – Violations; Penalties.
328.231 Violations; penalties. Sec. 21. A violation of this act by a person who is licensed under article 18 of the occupational code, 1980 PA 299, MCL 339.1801 to 339.1812, or the cemetery regulation act, 1968 PA 251, MCL 456.521 to 456.543, is considered a violation of the respective licensing act, and the violator is […]
Section 328.232 – Conversion of Funds as Felony; Violation as Misdemeanor; Penalties.
328.232 Conversion of funds as felony; violation as misdemeanor; penalties. Sec. 22. (1) A person who converts funds paid pursuant to a prepaid contract to his or her own use or benefit other than as authorized by this act or who fails to escrow or trust funds according to this act is guilty of a […]
Section 328.233 – Noncompliance With Investment and Depositing Requirements; Petition for Appointment of Receiver; Notice; Hearing; Liquidation.
328.233 Noncompliance with investment and depositing requirements; petition for appointment of receiver; notice; hearing; liquidation. Sec. 23. If the department determines that a registrant has not complied with the investment and depositing requirements of this act and that insufficient funds are available in trust or escrow accounts to meet the obligations of prepaid contracts, the […]
Section 328.234 – Action to Force Compliance; Damages; Orders.
328.234 Action to force compliance; damages; orders. Sec. 24. The department or any other person, in order to force compliance with this act, may bring an action in a circuit court in any county in which the registrant or any other person has solicited or sold prepaid contracts, whether or not that person has purchased […]
Section 328.235 – Effective Date.
328.235 Effective date. Sec. 25. This act shall take effect on July 1, 1987. History: 1986, Act 255, Eff. July 1, 1987 Compiler’s Notes: For transfer of powers and duties of certain occupational functions, boards, and commissions from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at […]
Section 328.222 – Funds to Be Held in Escrow by Escrow Agent; Additional Commission Not Subject to Depository Requirements; Commission if Contract Price Paid in Installments; Refund; Qualifications and Selection of Escrow Agent; Authorized Investments; Fees and Expenses; Commingling; Separate Accounting of Principal and Income; Notice to Contract Buyer; Disbursement of Funds; Nonprofit Corporation or Association as Escrow Agent; Furnishing Statement to Contract Buyer.
328.222 Funds to be held in escrow by escrow agent; additional commission not subject to depository requirements; commission if contract price paid in installments; refund; qualifications and selection of escrow agent; authorized investments; fees and expenses; commingling; separate accounting of principal and income; notice to contract buyer; disbursement of funds; nonprofit corporation or association as […]
Section 328.223 – Cancellation of Prepaid Contract by Contract Buyer; Notice; Disbursement of Principal and Income; Cancellation of Contract by Contract Seller or Provider; Failure to Use Escrow Account to Make Funeral Arrangements; Assignment or Transfer of Obligations.
328.223 Cancellation of prepaid contract by contract buyer; notice; disbursement of principal and income; cancellation of contract by contract seller or provider; failure to use escrow account to make funeral arrangements; assignment or transfer of obligations. Sec. 13. (1) A contract buyer may cancel a prepaid contract at any time before the death of the […]
Section 328.224 – Liability for Principal and Income; Investment of Funds; Changing Escrow Agent or Depository.
328.224 Liability for principal and income; investment of funds; changing escrow agent or depository. Sec. 14. (1) Payments of principal and income by a depository or an escrow agent made in good faith pursuant to the terms of this act shall relieve that depository or escrow agent of any further liability for that principal and […]