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 […]
487.1803 Willful untrue statement or omission of material fact in application or report. Sec. 803. A person shall not willfully make an untrue statement of a material fact in an application or report filed with the commissioner under this act, or willfully omit to state in such an application or report a material fact required […]
487.1805 Willful refusal to allow inspection or making copies of books, accounts, and other records. Sec. 805. A person having custody of any of the books, accounts, or other records of a licensee shall not willfully refuse to allow the commissioner, upon request, to inspect or make copies of any of those books, accounts, or […]
487.1807 Books, accounts, or other records; false entries; omission of required entry; alteration, concealment, or destruction. Sec. 807. A person shall not, with intent to deceive a director, officer, manager, employee, auditor, or attorney of a licensee, the commissioner, or a governmental agency, make a false entry in the books, accounts, or other records of […]
487.1809 Financing assistance to associate of licensee. Sec. 809. A licensee shall not provide, directly or indirectly, financing assistance to an associate of the licensee. History: 1986, Act 89, Imd. Eff. May 1, 1986
487.1811 Financing assistance to discharge obligation to associate of licensee; transactions to which section inapplicable. Sec. 811. A licensee shall not provide, directly or indirectly, financing assistance to discharge, or to free other money for use in discharging, in whole or in part, an obligation to an associate of that licensee. This section does not […]
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 […]
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 […]
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 […]
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 […]
