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Section 493.1 - Short Title; Definitions. - Sec. 1. (1) This act shall be known and may...
Section 493.1a - Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. - Compiler's Notes: The repealed section pertained to short title.
Section 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,...
Section 493.3 - Licenses; Bond of Applicant; Approval; Conditions. - Sec. 3. The applicant, at the time of filing an...
Section 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...
Section 493.5 - Licenses; Contents; Posting; Transfer; Assignment. - Sec. 5. (1) Except as otherwise provided under this section,...
Section 493.6 - Net Worth; Additional Bond; Filing. - Sec. 6. (1) Every licensee shall maintain at all times...
Section 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...
Section 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...
Section 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...
Section 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...
Section 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...
Section 493.9c - Fraud. - Sec. 9c. (1) If in the opinion of the commissioner...
Section 493.9d - Hearing; Decision; Findings; Judicial Review; Stay. - Sec. 9d. (1) A hearing under sections 9, 9a, and...
Section 493.9e - Enforcement of Order; Jurisdiction. - Sec. 9e. The commissioner may apply to the circuit court...
Section 493.9f - Violation as Misdemeanor; Penalty. - Sec. 9f. Any current or former executive officer, director, agent,...
Section 493.9g - Violation of Order; Exceptions. - Sec. 9g. A control person who is subject to an...
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. - Sec. 10. (1) For the purpose of investigating violations of...
Section 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...
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... - Sec. 12. (1) A licensee or other person shall not...
Section 493.12a - False, Misleading, Deceptive, or Irresponsible Advertising Unlawful; Definition; Requirements for Advertising. - Sec. 12a. (1) False, misleading, deceptive, or irresponsible advertising is...
Section 493.12b - Repealed. 1991, Act 14, Eff. Oct. 1, 1991. - Compiler's Notes: The repealed section pertained to licensee promotional plans.
Section 493.12c - False, Misleading, Deceptive, or Irresponsible Advertising; Report to Attorney General; Action to Restrain by Temporary or Permanent Injunction; Costs; Civil Penalty; Notice to Licensee; Assurance of Discontinuance; Violation Subjec... - Sec. 12c. (1) If the commissioner has probable cause to...
Section 493.12d - Action to Enjoin Licensee From Advertising; Circuit Court. - Sec. 12d. A person may bring an action in the...
Section 493.13 - Limitation on Amount of Loan and Interest Charge; Obligation Under More Than 1 Loan Contract; Computation and Payment of Charges; Loan Processing Fee; Fees; Amount Other Than or in Excess of Charges Permitted by Act; Penalties; “Open... - Sec. 13. (1) A licensee may lend money and may...
Section 493.13a - Credit Life Insurance; Other Insurance. - Sec. 13a. (1) In addition to charges allowed under section...
Section 493.14 - Licensee; Duties. - Sec. 14. A licensee shall: (a) Deliver to the borrower...
Section 493.14a - Compliance With Federal Consumer Credit Protection Act. - Sec. 14a. Compliance with the requirements of the consumer credit...
Section 493.15 - Contract in Compliance With Retail Installment Sales Act or Home Improvement Finance Act. - Sec. 15. A licensee may purchase a contract made in...
Section 493.15a - Regulatory Loan Contract; Nonperformance by Borrower; Advances by Licensee; Termination of Insurance Upon Reinstatement of Contractual Duties by Borrower. - Sec. 15a. (1) If a regulatory loan contract contains obligations...
Section 493.16 - Repealed. 1978, Act 528, Eff. Mar. 30, 1979. - Compiler's Notes: The repealed section pertained to sale or assignment...
Section 493.17 - Assignment or Order for Payment of Compensation to Secure Loan Invalid; Validity of Chattel Mortgage or Lien on Household Goods; Married Borrower; Signatures; Written Assent of Spouse. - Sec. 17. (1) An assignment of, or order for payment...
Section 493.18 - Unlicensed Persons; Limitation on Interest, Discount, or Consideration; Applicability of Act to Loans Made in Another State or Country. - Sec. 18. (1) A person, except as authorized by this...
Section 493.19 - Violation as Misdemeanor; Penalty. - Sec. 19. (1) A person, including a member, officer, director,...
Section 493.20 - Businesses Exempt From Act. - Sec. 20. This act shall not apply to any person...
Section 493.21 - Enforcement of Act; Rules. - Sec. 21. The commissioner may promulgate rules that are necessary...
Section 493.22 - Amendments or Repeals of Act; Impairment of Obligation. - Sec. 22. This act or any part thereof may be...
Section 493.23 - Repealed. 1991, Act 14, Eff. Oct. 1, 1991. - Compiler's Notes: The repealed section pertained to licensees under former...
Section 493.24 - Review of Decisions and Regulations; Limitations; Method; Jurisdiction of Courts. - Sec. 24. Any applicant under section 4 of this act...
Section 493.25 - Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. - Compiler's Notes: The repealed section pertained to certified copy of...
Section 493.26 - Repealed. 1991, Act 14, Eff. Oct. 1, 1991. - Compiler's Notes: The repealed section contained a repealer and saving...