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Article 1 - Short Title, Purposes, and Definitions (487.1101...487.1106)
Section 487.1101 - Short Title. - Sec. 101. This act shall be known and may be...
Section 487.1102 - Purposes of Act. - Sec. 102. The purposes of this act are all of...
Section 487.1103 - Meanings of Words and Phrases. - Sec. 103. For the purposes of this act, unless the...
Section 487.1104 - Definitions; a to C. - Sec. 104. (1) "Affiliate" means, if used with respect to...
Section 487.1105 - Definitions; I to M. - Sec. 105. (1) "Incorporating statute" means the business corporation act,...
Section 487.1106 - Definitions; O to T. - Sec. 106. (1) "Officer" means either of the following: (a)...
Article 2 - Regulation, Reporting, and Examination (487.1201...487.1217)
Section 487.1201 - Administration of Act; Orders; Rules; Imposition of Conditions; Applications for Declaratory Rulings; Judicial Review. - Sec. 201. (1) The commissioner shall administer this act. The...
Section 487.1203 - Application; Form; Information; Business Plan. - Sec. 203. (1) An applicant for a license under this...
Section 487.1205 - Investigations; Purposes; Oaths and Affirmations; Witnesses; Evidence; Documents or Records; Failure to Comply With Subpoena. - Sec. 205. (1) The commissioner may make public or private...
Section 487.1207 - Service of Process. - Sec. 207. Service of process authorized to be made by...
Section 487.1209 - Establishment of Annual Schedule of Fees; Payment; Action for Recovery of Fees or Penalties; Failure to Submit Report; Disposition. - Sec. 209. (1) The commissioner shall establish annually a schedule...
Section 487.1211 - Books, Accounts, and Other Records of Licensee; Location and Preservation; Valuation of Assets; Audit Report. - Sec. 211. (1) A licensee shall make and keep books,...
Section 487.1213 - Making or Keeping of Books, Accounts, or Other Records by Person Other Than Licensee; Applicability of Act; Approval of Commissioner. - Sec. 213. (1) If a person other than a licensee...
Section 487.1215 - Filing Reports With Commissioner; Form; Contents. - Sec. 215. Each licensee, each affiliate of a licensee, and...
Section 487.1216 - Publication and Distribution of Information on Impact of Act. - Sec. 216. (1) The commissioner shall publish annually and provide...
Section 487.1217 - Examination of Licensee or Subsidiary of Licensee; Exhibiting Books, Accounts, and Other Records; Facilitating Examination; Retention of Person to Assist Commissioner. - Sec. 217. (1) The commissioner shall examine each licensee not...
Article 3 - Licensing (487.1301...487.1317)
Section 487.1301 - Licensure; Eligibility. - Sec. 301. A Michigan corporation or Michigan limited liability company...
Section 487.1303 - Review of Information; Approval of Application for License; Determinations; Net Worth; Findings; Grounds. - Sec. 303. (1) After a review of information regarding the...
Section 487.1304 - Business Development Enterprise; Designation; Application; Criteria; Notification by Board of Michigan Strategic Fund. - Sec. 304. (1) Beginning January 1, 2012, the board of...
Section 487.1304a - Reports. - Sec. 304a. (1) A business development enterprise shall report to...
Section 487.1305 - Application for Preliminary Approval of Application for License; Order; Conditions to Final Approval; Fee. - Sec. 305. (1) A person may apply to the commissioner...
Section 487.1307 - Denial of Application; Written Statement of Explanation. - Sec. 307. If the commissioner denies an application under sections...
Section 487.1309 - License; Issuance; Posting; Nontransferable and Nonassignable. - Sec. 309. If an application for a license is approved...
Section 487.1311 - Prohibited Representations; Permissible Acts. - Sec. 311. (1) Except as otherwise provided in subsection (2),...
Section 487.1313 - Misrepresentation of License. - Sec. 313. A licensee shall not misrepresent the meaning or...
Section 487.1315 - Michigan Corporation or Limited Liability Company Licensed Under Another Law. - Sec. 315. (1) A Michigan corporation or Michigan limited liability...
Section 487.1317 - Application to Commissioner to Accept Surrender of License; Approval; Notice to Owners and Creditors; Filing Objection; Sending Copy of Objection to Commissioner. - Sec. 317. (1) Upon approval of a 2/3 vote of...
Article 4 - Corporate Matters (487.1401...487.1407)
Section 487.1401 - Name of Licensee; Inclusion of Word "bidco." - Sec. 401. (1) Except as provided in subsection (2), the...
Section 487.1403 - Board of Directors; Number of Directors; Membership; Meetings. - Sec. 403. (1) A licensee shall have a board of...
Section 487.1405 - Death, Resignation, or Removal of Director, Officer, or Manager; Election of Director; Appointment of Officer or Manager; Notice to Commissioner; Additional Information. - Sec. 405. Within 30 days after the death, resignation, or...
Section 487.1407 - Dividend and Distribution Policies; Buying Back Share of Stock or Membership Interest. - Sec. 407. (1) A licensee shall not pay, or obligate...
Article 5 - Transaction of Business (487.1501...487.1513)
Section 487.1501 - Offices of Licensee; Number; Location; Posting Sign Bearing Corporate Name; Personnel; Establishing, Relocating, or Closing Office. - Sec. 501. (1) A licensee shall maintain not less than...
Section 487.1503 - Business of Licensee; Powers and Privileges of Licensee. - Sec. 503. (1) The business of a licensee shall be...
Section 487.1505 - Forms, Terms, and Conditions of Financing Assistance; Participation in Program of Small Business Administration; Compliance; Scope of Management Assistance; Purpose of Financing Assistance or Management Assistance; Exercise of Inci... - Sec. 505. (1) A licensee may determine the form and...
Section 487.1507 - Holding Control of Business Firm; Order Approving or Denying Application; “Hold Control” Defined; Plan for Acquiring and Holding Control of Business Firm; Demonstrating Necessity to Hold Control of Business Firm. - Sec. 507. (1) Either by itself or in concert with...
Section 487.1509 - Transacting Business in Safe and Sound Manner; Considering Risks; Authority of Commissioner Not Limited. - Sec. 509. (1) A licensee shall transact its business in...
Section 487.1511 - Definitions; Transactions Involving Potential Conflict of Interest; Authority of Commissioner to Determine Conflict of Interest Not Limited. - Sec. 511. (1) For purposes of this section: (a) "Associate"...
Section 487.1513 - Lien on or Security Interest in Property of Licensee. - Sec. 513. Except with the approval of the commissioner, a...
Article 6 - Mergers and Acquisitions (487.1601...487.1603)
Section 487.1601 - Acquiring Control of Licensee; Application for Approval; Determinations by Commissioner. - Sec. 601. (1) Without the prior approval of the commissioner,...
Section 487.1603 - Merger of Licensee With Another Business Firm; Conditions; Purchase by Licensee of Business of Another Person; Sale of Business; Application for Approval of Merger, Purchase, or Sale; Determinations. - Sec. 603. (1) A licensee shall not merge with another...
Article 7 - Enforcement (487.1701...487.1719)
Section 487.1701 - Action to Enjoin Violation or Enforce Compliance; Restraining Order, Preliminary or Permanent Injunction, or Writ of Mandamus; Appointment of Receiver or Conservator; Bond. - Sec. 701. If in the opinion of the commissioner, a...
Section 487.1703 - Violation of MCL 487.1311; Cease and Desist Order; Filing Application for Hearing on Order; Rescission of Order; Judicial Review. - Sec. 703. (1) If the commissioner finds that a person...
Section 487.1705 - Cease and Desist Order; Affirmative Action to Correct Condition; Application for Hearing on Order; Affirming, Modifying, or Rescinding Order; Judicial Review. - Sec. 705. (1) If, after notice and a hearing, the...
Section 487.1707 - Order Removing Subject Person From Office and Prohibiting Further Participation in Business of Licensee; Notice and Hearing; Determinations; Order Suspending Subject Person From Office and Prohibiting Further Participation in Busin... - Sec. 707. (1) The commissioner may issue an order removing...
Section 487.1709 - Crime Involving Dishonesty or Breach of Trust; Order Suspending Subject Person From Office and Prohibiting Further Participation in Business of Licensee; Application for Hearing on Order; Affirming, Modifying, or Rescinding Order;... - Sec. 709. (1) If the commissioner determines that a subject...
Section 487.1711 - Disclosure to Owners. - Sec. 711. If, in the opinion of the commissioner, disclosure...
Section 487.1713 - Calling Meeting of Board of Directors of Licensee or of Owners of Licensee; Notice; Expenses. - Sec. 713. (1) If the commissioner considers it expedient, the...
Section 487.1715 - Order Directing Licensee to Refrain From Providing Additional Financing Assistance to Business Firms; Notice and Hearing; Determinations; Request for Hearing; Affirming, Modifying, or Rescinding Order; Resumption of Financing Assis... - Sec. 715. (1) The commissioner may issue an order directing...
Section 487.1717 - Appointment of Conservator for Licensee; Reimbursement of Expenses of Conservatorship; Powers and Duties of Conservator; Liquidation of Licensee; Appointment of Receiver; Determinations; Manner of Liquidation. - Sec. 717. (1) If the commissioner finds that any of...
Section 487.1719 - Violation of Act; Amount and Disposition of Civil Penalty; Applicability of Section; Provisions Cumulative; Liability for Certain Violations. - Sec. 719. (1) If, after notice and a hearing, the...
Article 8 - Certain Unlawful Activities (487.1801...487.1819)
Section 487.1801 - Definitions. - Sec. 801. (1) As used in this article, unless the...
Section 487.1803 - Willful Untrue Statement or Omission of Material Fact in Application or Report. - Sec. 803. A person shall not willfully make an untrue...
Section 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...
Section 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...
Section 487.1809 - Financing Assistance to Associate of Licensee. - Sec. 809. A licensee shall not provide, directly or indirectly,...
Section 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,...
Section 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...
Section 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,...
Section 487.1817 - Exemptions. - Sec. 817. (1) By such orders or rules the commissioner...
Section 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...
Article 9 - General Provisions (487.1901...487.1905)
Section 487.1901 - Liberal Construction. - Sec. 901. This act shall be liberally construed to accomplish...
Section 487.1903 - Proceedings Subject to Administrative Procedures Act; Exemptions. - Sec. 903. A proceeding to promulgate rules or a proceeding...
Section 487.1905 - Applicability of Provisions of Licensee's Incorporating or Organizing Statute. - Sec. 905. Except as otherwise provided in this section, the...
Article 10 - Repeal (487.2001...487.2001)
Section 487.2001 - Repeal of MCL 487.851 to 487.867; Certain Statutory References Considered References to Bidco. - Sec. 1001. Act No. 117 of the Public Acts of...