487.2051 Short title. Sec. 1. This act shall be known and may be cited as the “consumer financial services act”. History: 1988, Act 161, Eff. Sept. 1, 1988 Compiler’s Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner […]
487.2052 Definitions. Sec. 2. As used in this act: (a) “Applicant” means a person that has applied to the commissioner to be licensed under this act. (b) “Bureau” means the office of financial and insurance services of the department of labor and economic growth. (c) “Business activity” means any activity regulated by any of the […]
487.2053 License required to engage in business activity; exceptions. Sec. 3. (1) A person shall not engage in a business activity unless the person is licensed under the appropriate financial licensing act, or by this act. (2) This act applies to a person who engages in any business activity if the person is not licensed […]
487.2054 License application. Sec. 4. An application for a license under this act shall be made in writing and under oath to the commissioner in the form the commissioner may prescribe. The application shall state the full name, business address, and residence address of the following: (a) The proprietor, if the applicant is an individual. […]
487.2055 License fee; investigation fee; financial statements; net worth requirements. Sec. 5. (1) An application for a license shall be accompanied by all of the following: (a) An annual operating fee as established by the commissioner under section 11. (b) An application fee as provided in section 11. The application fee is not refundable. (c) […]
487.2056 Surety bond or letter of credit. Sec. 6. (1) An applicant for a license shall furnish a surety bond or letter of credit to secure its obligations under this act to the commissioner. Except as provided in this subsection, the principal amount of a surety bond or letter of credit shall be at least […]
487.2057 Investigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment. Sec. 7. (1) Upon the filing of an application and the payment of the required fees by an applicant, the commissioner shall investigate the applicant. If the commissioner finds that the financial […]
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. Sec. 8. (1) Upon approval by the commissioner of an application for a license, the commissioner shall issue to the applicant a license certificate showing the name […]
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. Sec. 9. (1) Except as otherwise provided in subsection (2), a licensee under this act shall […]
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. Sec. 10. (1) A license shall not be suspended or revoked except on not less than 10 […]
487.2060a Request for reconsideration. Sec. 10a. (1) If an applicant for a license is dissatisfied with the order issued under section 10 by the commissioner, the applicant may file with the commissioner, not later than 15 days after the issuance of the order, a notice of request for reconsideration of the order together with a […]
487.2060b Hearing; judicial review. Sec. 10b. (1) A hearing provided for in section 10 shall be conducted in accordance with the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The hearing shall be private, unless the commissioner determines that a public hearing is necessary to protect the public interest. After the […]
487.2060c Enforcement of notice or order. Sec. 10c. The commissioner may apply to the circuit court of Ingham county for the enforcement of any effective and outstanding notice or order issued under section 10 or 10a, and the court shall have jurisdiction and power to order and require compliance with the notice. Except as otherwise […]
487.2060d Summary suspension; order; hearing; record. Sec. 10d. (1) After a complaint is filed or, as applicable, an investigation or administrative action against a licensee is commenced under section 10, the commissioner may issue an order summarily suspending the license under section 92 of the administrative procedures act of 1969, 1969 PA 306, MCL 24.292, […]
487.2060e Summary suspension order, cease and desist order, or injunctive relief as additional legal action. Sec. 10e. A summary suspension order, cease and desist order, or injunctive relief issued or granted in relation to a license shall be in addition to an informal conference, criminal prosecution, or proceeding to deny, revoke, or suspend a license, […]
487.2060f Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension. Sec. 10f. (1) As provided in section 10(4), the commissioner may investigate or conduct an examination of any person and conduct hearings as the commissioner considers necessary to determine whether a licensee or any other person has […]
487.2060g Fraud or money laundering; definitions. Sec. 10g. (1) If in the opinion of the commissioner a person has engaged in fraud or money laundering, the commissioner may serve upon that person a written notice of intention to prohibit that person from being employed by, an agent of, or control person of a licensee under […]
487.2060h Hearing; decision; findings; judicial review; stay. Sec. 10h. (1) A hearing under section 10 or 10g shall be conducted under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Within 30 days after the commissioner has notified the parties that the case has been submitted to him or her for […]
487.2060i Enforcement of order; jurisdiction. Sec. 10i. The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 10, 10f, or 10g. History: Add. 2002, Act 390, Imd. Eff. May 30, 2002
487.2060j Violation as misdemeanor; penalty. Sec. 10j. Any current or former executive officer, director, agent, or control person who violates a final order issued under section 10g is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 or imprisonment for not more than 1 year, or both. History: Add. 2002, Act […]
