487.1301 Licensure; eligibility. Sec. 301. A Michigan corporation or Michigan limited liability company may apply to the commissioner for a license under this act. A person that is not a Michigan corporation or Michigan limited liability company shall not apply for, and the commissioner shall not grant, a license under this act. History: 1986, Act […]
487.1303 Review of information; approval of application for license; determinations; net worth; findings; grounds. Sec. 303. (1) After a review of information regarding the directors, officers, managers, and controlling persons of the applicant, a review of the applicant’s business plan, including at least 3 years of detailed financial projections and other relevant information, and a […]
487.1304 Business development enterprise; designation; application; criteria; notification by board of Michigan strategic fund. Sec. 304. (1) Beginning January 1, 2012, the board of the Michigan strategic fund may designate a Michigan corporation or Michigan limited liability company as a qualified business development enterprise under this section. The commissioner shall not grant a license to […]
487.1304a Reports. Sec. 304a. (1) A business development enterprise shall report to the Michigan strategic fund at least annually the following information for each business it supported, by providing or facilitating the securing of capital, in the preceding 5-year period: (a) The total amount of private capital secured by the business from its support. (b) […]
487.1305 Application for preliminary approval of application for license; order; conditions to final approval; fee. Sec. 305. (1) A person may apply to the commissioner for preliminary approval of an application for a license. Notwithstanding that commitments to invest in the equity of the applicant have not been obtained and that all directors, officers, and […]
487.1307 Denial of application; written statement of explanation. Sec. 307. If the commissioner denies an application under sections 301 to 305, the commissioner shall provide the applicant with a written statement explaining the basis for the denial. History: 1986, Act 89, Imd. Eff. May 1, 1986
487.1309 License; issuance; posting; nontransferable and nonassignable. Sec. 309. If an application for a license is approved and all conditions precedent to the issuance of that license are fulfilled, the commissioner shall issue a license to the applicant. A licensee shall post the license in a conspicuous place in the licensee’s principal office. A license […]
487.1311 Prohibited representations; permissible acts. Sec. 311. (1) Except as otherwise provided in subsection (2), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development company including, but not limited to, use of the term “BIDCO”, […]
487.1313 Misrepresentation of license. Sec. 313. A licensee shall not misrepresent the meaning or effect of its license. History: 1986, Act 89, Imd. Eff. May 1, 1986
487.1315 Michigan corporation or limited liability company licensed under another law. Sec. 315. (1) A Michigan corporation or Michigan limited liability company that is licensed under another law of this state or the United States may be issued a license under this act unless the transaction of business as a licensee under the other law […]
487.1317 Application to commissioner to accept surrender of license; approval; notice to owners and creditors; filing objection; sending copy of objection to commissioner. Sec. 317. (1) Upon approval of a 2/3 vote of its board of directors and after complying with subsection (2), a Michigan corporation licensee may apply to the commissioner to have the […]
