Sec. 3a.
(1) A creditor that acquires a tobacco product in this state as a result of exercising a security interest may sell that tobacco product without being licensed under this act if both of the following requirements are met:
(a) The creditor receives written approval from the department.
(b) The creditor sells or transfers the tobacco product to a person in this state licensed under this act as either a wholesaler or unclassified acquirer.
(2) A creditor shall apply for approval under this section on a form and in a manner prescribed by the department.
(3) As used in this section, "creditor" and "security interest" mean those terms as defined in section 1201 of the uniform commercial code, 1962 PA 174, MCL 440.1201.
History: Add. 2022, Act 171, Imd. Eff. July 21, 2022
Structure Michigan Compiled Laws
Act 327 of 1993 - Tobacco Products Tax Act (205.421 - 205.436)
Section 205.421 - Short Title.
Section 205.422 - Definitions.
Section 205.424 - Expiration, Return, Reissue, and Renewal of License.
Section 205.425a - Procurement of Stamps; Designs, Denominations, and Forms; Request for Proposal.
Section 205.426b - Issuance of Stamps to Wholesaler or Unclassified Acquirer.
Section 205.426c - Acquisition of Cigarettes From Nonparticipating Manufacturer.
Section 205.427a - Imposition of Tax on Consumer; Intent of Act.
Section 205.427b - Bad Debt; Deduction; Definition.
Section 205.434 - Requirements or Prohibitions Imposed by Local Units of Government.