Section 493.80 – Persons Permitted to Make Secondary Mortgage Loans.
493.80 Persons permitted to make secondary mortgage loans. Sec. 30. (1) Except as otherwise provided by this act, a secondary mortgage loan may be made in compliance with this act, and only in conformance with the interest rate limitations of 1966 PA 326, MCL 438.31 to 438.33, by either of the following: (a) A salesperson […]
Section 493.81 – Powers and Duties of Attorney General.
493.81 Powers and duties of attorney general. Sec. 31. The powers and duties of the attorney general provided in this act are in addition to his existing powers and duties provided by statutes and common law, and nothing in this act shall impair or restrict the jurisdiction of any court in any action or proceeding […]
Section 493.101 – Definitions.
493.101 Definitions. Sec. 1. As used in this act: (a) “Commissioner” means the director of the department of insurance and financial services or his or her authorized representative. (b) “Licensee” means a person that is licensed under this act. (c) “Person” means an individual, corporation, limited liability company, partnership, association, or other legal entity. (d) […]
Section 493.102 – Credit Card Arrangement; License Required; Terms and Conditions.
493.102 Credit card arrangement; license required; terms and conditions. Sec. 2. (1) Except for a person licensed under the consumer financial services act, a person shall not make or negotiate, or offer to make or negotiate, a credit card arrangement unless that person is licensed as provided in this act. (2) A licensee shall not […]
Section 493.103 – Application for License; Oath; Form; Contents; Fees; Net Worth Requirements; Rules.
493.103 Application for license; oath; form; contents; fees; net worth requirements; rules. Sec. 3. (1) An application for a license under this act shall be in writing, under oath, and in the form prescribed by the commissioner. (2) The application shall state the name, residence, and business addresses of the applicant; if the applicant is […]
Section 493.104 – Investigation; Finding; Issuance of License; Refusal to Issue License; Expiration of License.
493.104 Investigation; finding; issuance of license; refusal to issue license; expiration of license. Sec. 4. (1) Upon the filing of an application and the payment of the required fees, the commissioner shall investigate the facts. If the commissioner finds that the financial responsibility, experience, character, and general fitness of the applicant, and of the applicant’s […]
Section 493.105 – Duties of Commissioner Upon Refusal to Issue License.
493.105 Duties of commissioner upon refusal to issue license. Sec. 5. If the commissioner refuses to issue a license, the commissioner shall: (a) Notify the applicant of the denial and of the applicant’s right to request a hearing within 10 days. (b) If the applicant does not request a hearing, return the sum paid as […]
Section 493.106 – Suspension, Revocation, or Refusal to Renew License; Notice; Grounds; Surrender of License; Duration of License; Reinstatement or Issuance of New License; Preexisting Lawful Contracts.
493.106 Suspension, revocation, or refusal to renew license; notice; grounds; surrender of license; duration of license; reinstatement or issuance of new license; preexisting lawful contracts. Sec. 6. (1) The commissioner may suspend, revoke, or refuse to renew a license. The commissioner shall give the licensee 10 days’ notice in writing, forwarded by certified mail to […]
Section 493.107 – Investigations and Examination of Books, Accounts, Records, and Files; Electronic Data Processing Not Prohibited; Establishment of Annual Fee Schedule; Fees Nonrefundable; Penalty; Disposition and Use of Fees and Expenses; Action for Recovery of Fees or Expenses.
493.107 Investigations and examination of books, accounts, records, and files; electronic data processing not prohibited; establishment of annual fee schedule; fees nonrefundable; penalty; disposition and use of fees and expenses; action for recovery of fees or expenses. Sec. 7. (1) The commissioner may, at any time, make necessary investigations and examine the books, accounts, records, […]
Section 493.108 – Subpoena of Witnesses and Evidence; Oaths and Affirmations; Noncompliance; Order; Contempt.
493.108 Subpoena of witnesses and evidence; oaths and affirmations; noncompliance; order; contempt. Sec. 8. (1) The commissioner may subpoena witnesses and documents, papers, books, records, and other evidence, in any matter over which the commissioner has jurisdiction, control, or supervision. The commissioner may administer oaths and affirmations to a person whose testimony is required. (2) […]