487.1501 Offices of licensee; number; location; posting sign bearing corporate name; personnel; establishing, relocating, or closing office. Sec. 501. (1) A licensee shall maintain not less than 1 office in this state. (2) A licensee shall not maintain an office at any place outside this state. (3) Each office of a licensee shall be located […]
487.1503 Business of licensee; powers and privileges of licensee. Sec. 503. (1) The business of a licensee shall be providing financing assistance and management assistance to business firms. A licensee shall not engage in a business other than the business of providing financing assistance and management assistance to business firms. (2) In addition to the […]
487.1505 Forms, terms, and conditions of financing assistance; participation in program of small business administration; compliance; scope of management assistance; purpose of financing assistance or management assistance; exercise of incidental powers; extension of credit; interest; violation as felony; penalty; “interest” defined. Sec. 505. (1) A licensee may determine the form and the terms and conditions […]
487.1507 Holding control of business firm; order approving or denying application; “hold control” defined; plan for acquiring and holding control of business firm; demonstrating necessity to hold control of business firm. Sec. 507. (1) Either by itself or in concert with a director, officer, principal owner, manager, or affiliate, another licensee, or a director, officer, […]
487.1509 Transacting business in safe and sound manner; considering risks; authority of commissioner not limited. Sec. 509. (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (2) In determining whether a licensee is transacting business in a safe and sound manner […]
487.1511 Definitions; transactions involving potential conflict of interest; authority of commissioner to determine conflict of interest not limited. Sec. 511. (1) For purposes of this section: (a) “Associate” means that term as defined as in article 8. (b) “Relative” means parent, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, niece, uncle, […]
487.1513 Lien on or security interest in property of licensee. Sec. 513. Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, another person. History: 1986, […]
