Section 487.1819 – Violation of Article; Penalty; Applicability of Section; Power of State to Punish Not Limited by Act.
487.1819 Violation of article; penalty; applicability of section; power of state to punish not limited by act. Sec. 819. (1) A person who knowingly commits an act which act violates this article shall be fined not more than $10,000.00 or shall be imprisoned for not more than 1 year, or both. (2) This section does […]
Section 487.1901 – Liberal Construction.
487.1901 Liberal construction. Sec. 901. This act shall be liberally construed to accomplish its purposes. History: 1986, Act 89, Imd. Eff. May 1, 1986
Section 487.1903 – Proceedings Subject to Administrative Procedures Act; Exemptions.
487.1903 Proceedings subject to administrative procedures act; exemptions. Sec. 903. A proceeding to promulgate rules or a proceeding regarding civil penalties under section 719 shall be subject to 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. Any other […]
Section 487.1905 – Applicability of Provisions of Licensee’s Incorporating or Organizing Statute.
487.1905 Applicability of provisions of licensee’s incorporating or organizing statute. Sec. 905. Except as otherwise provided in this section, the provisions of a licensee’s incorporating or organizing statute apply to the licensee. If a provision of the licensee’s incorporating or organizing statute conflicts with any provision of this act, this act controls. History: 1986, Act […]
Section 487.2001 – Repeal of MCL 487.851 to 487.867; Certain Statutory References Considered References to Bidco.
487.2001 Repeal of MCL 487.851 to 487.867; certain statutory references considered references to BIDCO. Sec. 1001. Act No. 117 of the Public Acts of 1963, being sections 487.851 to 487.867 of the Michigan Compiled Laws, is repealed. A reference in another law of this state to a business development corporation under Act No. 117 of […]
Section 487.1813 – Financing Assistance to Business Firm to Which Associate of Licensee Provides Financing Assistance; Applicability of Section.
487.1813 Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section. Sec. 813. (1) A licensee shall not provide, directly or indirectly, financing assistance to a business firm to which an associate of that licensee provides financing assistance, either contemporaneously with, or within 1 year before or after, the […]
Section 487.1815 – Compensation of Associate of Licensee for Procuring or Influencing Licensee’s Action With Respect to Providing Financing Assistance; Section Inapplicable to Fees Received for Bona Fide Closing Services; Criteria.
487.1815 Compensation of associate of licensee for procuring or influencing licensee’s action with respect to providing financing assistance; section inapplicable to fees received for bona fide closing services; criteria. Sec. 815. An associate of a licensee shall not receive, directly or indirectly, from a person to whom that licensee provides financing assistance, compensation in connection […]
Section 487.1817 – Exemptions.
487.1817 Exemptions. Sec. 817. (1) By such orders or rules the commissioner considers necessary and appropriate, the commissioner may exempt from sections 809 to 815, either unconditionally or upon specified terms and conditions and for specified periods, a person or transaction or class of persons or transactions, if the commissioner finds that the exemption is […]
Section 487.1719 – Violation of Act; Amount and Disposition of Civil Penalty; Applicability of Section; Provisions Cumulative; Liability for Certain Violations.
487.1719 Violation of act; amount and disposition of civil penalty; applicability of section; provisions cumulative; liability for certain violations. Sec. 719. (1) If, after notice and a hearing, the commissioner finds that a person has violated this act, the commissioner may order that person to pay to the commissioner a civil penalty in the amount […]
Section 487.1801 – Definitions.
487.1801 Definitions. Sec. 801. (1) As used in this article, unless the context otherwise requires: (a) “Advisor”, means a person who regularly provides legal, accounting, or management services or advice to a licensee. (b) “Associate” means, if used with respect to a licensee: (i) A controlling person, director, officer, manager, agent, or advisor of that […]