493.20 Businesses exempt from act. Sec. 20. This act shall not apply to any person doing business under and as permitted by any law of this state or of the United States relating to banks, savings banks, industrial banks, trust companies, building and loan associations, or credit unions, nor to any business transacted under any […]
493.21 Enforcement of act; rules. Sec. 21. The commissioner may promulgate rules that are necessary for the administration and enforcement of this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 1939, Act 21, Eff. Sept. 29, 1939 ;– CL 1948, 493.21 ;– Am. 1971, Act 168, Eff. […]
493.22 Amendments or repeals of act; impairment of obligation. Sec. 22. This act or any part thereof may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder, provided that such cancellation or alteration shall not impair or affect the obligation of any […]
493.23 Repealed. 1991, Act 14, Eff. Oct. 1, 1991. Compiler’s Notes: The repealed section pertained to licensees under former act.
493.24 Review of decisions and regulations; limitations; method; jurisdiction of courts. Sec. 24. Any applicant under section 4 of this act or any licensee, being dissatisfied with any rule, regulation, order, demand, ruling, or finding (hereinafter in this section referred to as an order) whatsoever, made by the commissioner under and by virtue of the […]
493.25 Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. Compiler’s Notes: The repealed section pertained to certified copy of order as evidence.
493.26 Repealed. 1991, Act 14, Eff. Oct. 1, 1991. Compiler’s Notes: The repealed section contained a repealer and saving clause.
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, […]
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 […]
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 […]
493.6 Net worth; additional bond; filing. Sec. 6. (1) Every licensee shall maintain at all times net worth in the amount required under section 2. (2) If the commissioner determines at any time that any bond is insecure, exhausted, or otherwise of doubtful validity or collectability, the commissioner may require the licensee to obtain an […]
493.7 Changing name or place of business; procedure; activities at more than 1 place of business; ceasing to engage in activities subject to act. Sec. 7. (1) A licensee under this act may change its name or place of business shown on the license by giving prior written notice to the commissioner and returning the […]
493.8 Annual establishment of fees schedule; bond; action for recovery of fees or penalties; fees nonrefundable; report; disposition and use of money received. Sec. 8. (1) The commissioner shall annually establish the schedule of fees sufficient to pay the costs of administering this act. The fees are as follows: (a) For the investigation of an […]
493.9 Revocation, suspension, or surrender of license; reinstatement or issuance of new license; transcript of order. Sec. 9. (1) The commissioner, upon 10 days’ written notice to the licensee stating the contemplated action and the grounds for the action, and upon reasonable opportunity to be heard, may revoke any license if he or she finds […]
493.9a Cease and desist order; grounds; notice; failure to appear at hearing; findings; effective date and duration of order. Sec. 9a. (1) If in the opinion of the commissioner a licensee is, has, or is about to engage in a practice that poses a threat of financial loss or threat to the public welfare or […]
493.9b Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension. Sec. 9b. (1) As provided in section 10, the commissioner may investigate or conduct an examination of any person and conduct hearings as the commissioner considers necessary to determine whether a licensee or any other person has […]
493.9c Fraud. Sec. 9c. (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 under this act or a licensee or registrant […]
493.9d Hearing; decision; findings; judicial review; stay. Sec. 9d. (1) A hearing under sections 9, 9a, and 9c 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 or her […]
493.9e Enforcement of order; jurisdiction. Sec. 9e. The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 9, 9a, 9b, or 9c. History: Add. 2002, Act 393, Imd. Eff. May 30, 2002
493.9f Violation as misdemeanor; penalty. Sec. 9f. Any current or former executive officer, director, agent, or control person who violates a final order issued under section 9c 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 […]
