Section 493.10 – Commissioner of State Banking Department; Authority to Investigate Business and Examine Records; Witnesses; Examination of Licensee; Construction of Section; Disposition of Fees.
493.10 Commissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees. Sec. 10. (1) For the purpose of investigating violations of this act or securing information lawfully required under this act, the commissioner may at any time, either personally or by a designated […]
Section 493.2 – Business of Making Loans; License Required; Application for License; Oath; Form and Contents; Fees; Proof of Net Worth.
493.2 Business of making loans; license required; application for license; oath; form and contents; fees; proof of net worth. Sec. 2. (1) Except as otherwise provided under this act, a person shall not engage in the business of making loans of money, credit, goods, or things in action and charge, contract for, or receive on […]
Section 493.11 – Books, Accounts, and Records of Licensee; Preservation and Accessibility; Filing Financial Statement With Commissioner; Reports.
493.11 Books, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports. Sec. 11. (1) The licensee shall keep and use in the licensee’s business the books, accounts, and records the commissioner may require in order to determine whether the licensee is complying with this act and with the rules promulgated […]
Section 493.3 – Licenses; Bond of Applicant; Approval; Conditions.
493.3 Licenses; bond of applicant; approval; conditions. Sec. 3. The applicant, at the time of filing an application, shall also file when requested by the commissioner a bond in an amount to be approved by the commissioner, in which the applicant shall be the obligor. The surety company issuing the bond shall be qualified, able, […]
Section 493.12 – Statements or Representations by Licensee; Lien on Real Estate; Confession of Judgment or Power of Attorney Prohibited; Note or Evidence of Indebtedness; Blanks; Discrimination on Basis of Sex or Marital Status Prohibited; Knowingly Permitting Person to Violate Order; Fee; Conditions.
493.12 Statements or representations by licensee; lien on real estate; confession of judgment or power of attorney prohibited; note or evidence of indebtedness; blanks; discrimination on basis of sex or marital status prohibited; knowingly permitting person to violate order; fee; conditions. Sec. 12. (1) A licensee or other person shall not advertise, print, display, publish, […]
Section 493.4 – Investigation; Findings; Issuance or Denial of License; Notice; Transcript of Decision and Findings.
493.4 Investigation; findings; issuance or denial of license; notice; transcript of decision and findings. Sec. 4. (1) Upon the filing of the application, the payment of the fees, and the approval of the bond, the commissioner shall investigate the applicant and if he or she finds that the financial responsibility, experience, character, and general fitness […]
Section 493.12a – False, Misleading, Deceptive, or Irresponsible Advertising Unlawful; Definition; Requirements for Advertising.
493.12a False, misleading, deceptive, or irresponsible advertising unlawful; definition; requirements for advertising. Sec. 12a. (1) False, misleading, deceptive, or irresponsible advertising is unlawful and is defined as follows: (a) Advertising which lures, entices, induces, or tends to induce a person to incur a debt by unreasonably minimizing the consequences of assuming a legal repayment obligation […]
Section 493.5 – Licenses; Contents; Posting; Transfer; Assignment.
493.5 Licenses; contents; posting; transfer; assignment. Sec. 5. (1) Except as otherwise provided under this section, the license shall state the address at which the principal office of the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a co-partnership or association, the names of […]
Section 493.12b – Repealed. 1991, Act 14, Eff. Oct. 1, 1991.
493.12b Repealed. 1991, Act 14, Eff. Oct. 1, 1991. Compiler’s Notes: The repealed section pertained to licensee promotional plans.
Section 493.1 – Short Title; Definitions.
493.1 Short title; definitions. Sec. 1. (1) This act shall be known and may be cited as the “regulatory loan act”. (2) As used in this act: (a) “Advertising” means publishing or broadcasting, or causing to be published or broadcast, material that has been prepared for public distribution by means of newspapers, magazines, or electronic […]