487.2060k Violation of order; exceptions. Sec. 10k. A control person who is subject to an order issued under section 10g(6) 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 […]
487.2061 Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received. Sec. 11. (1) The commissioner shall annually establish a schedule of fees sufficient to pay in full the bureau’s costs of administering this act. The fees are as follows: (a) For an application fee, not less than […]
487.2062 Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter. Sec. 12. (1) The commissioner at any time may investigate the business activities as the commissioner considers necessary, may examine the books, accounts, records, and files used and maintained by any licensee, and may require the licensee […]
487.2063 Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000. Compiler’s Notes: The repealed section pertained to disposition and use of money received.
487.2064 Records. Sec. 14. (1) A licensee under this act shall maintain records relating to all transactions under this act so that the commissioner may enforce compliance with this act. Records shall be made available to the commissioner during normal business hours upon request. (2) A licensee shall preserve and keep available for examination by […]
487.2065 Annual report; failure to file report; penalty. Sec. 15. (1) A licensee shall annually on or before a date established by the commissioner file with the commissioner a report, on a form provided by the commissioner, stating the licensee’s volume and types of business activities for the immediately preceding calendar year. The commissioner shall […]
487.2066 Conservatorship or receivership. Sec. 16. Notwithstanding licensing under this act, if a licensee engaging in the issue or sale of checks that would otherwise be subject to the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, has refused to pay its debts in the ordinary course of business, is unable to […]
487.2066a Licensee engaged in loan servicing activities; appointment of conservator or receiver. Sec. 16a. If the commissioner determines that a licensee engaging in loan servicing activities, intentionally or as a result of gross or wanton negligence, is not servicing, as applicable, mortgage loans or secondary mortgage loans as required by law or by the terms […]
487.2066b Powers and duties of conservator or receiver. Sec. 16b. (1) The conservator, under the direction of the commissioner, or the receiver, subject to the approval of the appointing court, shall take possession of the books, records, and assets of the licensee and shall take action with respect to employees, agents, or representatives of the […]
487.2067 Prohibited activities or practices. Sec. 17. A licensee under this act shall not do any of the following: (a) Engage in the business of a real estate broker or real estate salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339.2501 to 339.2518. (b) Engage in the business of a […]
487.2068 Rules. Sec. 18. The commissioner shall promulgate rules that are necessary for the enforcement of this act in accordance with the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws. History: 1988, Act 161, Eff. Sept. 1, 1988 Compiler’s […]
487.2069 Obligation of contract party not impaired or affected. Sec. 19. This act shall not be construed to impair or affect the obligation of any party to a contract entered into under a provision of the financial licensing acts. History: 1988, Act 161, Eff. Sept. 1, 1988 ;– Am. 1999, Act 275, Imd. Eff. Jan. […]
487.2070 Action by person, county prosecuting attorney, or attorney general. Sec. 20. A person, county prosecuting attorney, or the attorney general may bring an action to: (a) Obtain a declaratory judgment that a method, act, or practice is in violation of this act. (b) Enjoin a person who is engaging or is about to engage […]
487.2071 Effective date. Sec. 21. This act shall take effect September 1, 1988. 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 of the office of financial and insurance […]
487.2072 Conditional effective date. Sec. 22. This act shall not take effect unless all of the following bills of the 84th Legislature are enacted into law: (a) House Bill No. 5209. (b) House Bill No. 5210. (c) House Bill No. 5211. (d) House Bill No. 5212. (e) House Bill No. 5213. (f) House Bill No. […]
