Section 493.63 – Duration of License or Registration; Reinstatement of Suspended License or Registration; Issuing New License or Registration; Consent Required for Transfer or Assignment; Requirements for Transfer.
493.63 Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfer. Sec. 13. (1) A license or registration remains in force until the date of expiration or until surrendered, revoked, or suspended under this act. The commissioner may reinstate a […]
Section 493.64 – Order to Cease and Desist; Issuance; Conditions; Notice; Hearing; Failure to Appear as Consent; Service or Order; Effective Date and Enforcement.
493.64 Order to cease and desist; issuance; conditions; notice; hearing; failure to appear as consent; service or order; effective date and enforcement. Sec. 14. (1) If in the opinion of the commissioner a licensee or registrant is, has, or is about to engage in a practice that poses a threat of financial loss or threat […]
Section 493.64a – Fraud.
493.64a Fraud. Sec. 14a. (1) If in the opinion of the commissioner a person has engaged in fraud, the commissioner may serve upon that person a written notice of intention to prohibit that person from being employed by, an agent of, or control person of a licensee or registrant under this act or a licensee […]
Section 493.64b – Hearing; Final Decision; Judicial Review; Stay of Commissioner’s Order.
493.64b Hearing; final decision; judicial review; stay of commissioner’s order. Sec. 14b. (1) A hearing under section 14 or 14a shall be conducted under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. Within 30 days after the commissioner has notified the parties that the case has been submitted to him […]
Section 493.64c – Enforcement of Order; Jurisdiction.
493.64c Enforcement of order; jurisdiction. Sec. 14c. The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 8, 14, or 14a. History: Add. 2002, Act 392, Imd. Eff. May 30, 2002 Popular Name: Secondary Mortgage Loan Act
Section 493.64d – Violation as Misdemeanor; Penalty.
493.64d Violation as misdemeanor; penalty. Sec. 14d. Any current or former executive officer, director, agent, or control person who violates a final order issued under section 14a is guilty of a misdemeanor punishable by a fine of not more than $5,000.00 or imprisonment for not more than 1 year, or both. History: Add. 2002, Act […]
Section 493.64e – Violation of Order; Exceptions.
493.64e Violation of order; exceptions. Sec. 14e. A control person who is subject to an order issued under section 14a and who meets all of the following requirements is not in violation of the order: (a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or […]
Section 493.65 – Subpoena of Witnesses and Evidence; Oaths and Affirmations; Certain Conduct as Misdemeanor.
493.65 Subpoena of witnesses and evidence; oaths and affirmations; certain conduct as misdemeanor. Sec. 15. (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. […]
Section 493.66 – Failure to Testify or Comply With Subpoena; Court Order; Contempt.
493.66 Failure to testify or comply with subpoena; court order; contempt. Sec. 16. If a person fails to comply with a subpoena issued by the commissioner or to testify with respect to any matter concerning which the person may be lawfully questioned, the circuit court for Ingham county, on application of the commissioner, may issue […]
Section 493.67 – Maintaining Records Relating to Conduct of Business; Availability; Statement of Borrower’s Account; Ledger History; Obligation of Servicer; Fee Prohibited.
493.67 Maintaining records relating to conduct of business; availability; statement of borrower’s account; ledger history; obligation of servicer; fee prohibited. Sec. 17. (1) A licensee or registrant shall maintain books, accounts, records, and documents of the business, as prescribed by the commissioner to enable the commissioner to determine whether the business of the licensee or […]