Sec. 22.
(1) A person who converts funds paid pursuant to a prepaid contract to his or her own use or benefit other than as authorized by this act or who fails to escrow or trust funds according to this act is guilty of a felony punishable by a fine of $5,000.00 or imprisonment of not more than 5 years, or both, for each violation.
(2) A person who violates any other provision of this act is guilty of a misdemeanor punishable by a fine of not more than $1,000.00 or imprisonment for not more than 1 year, or both, for each violation.
History: 1986, Act 255, Eff. July 1, 1987 ;-- Am. 2004, Act 21, Eff. Jan. 1, 2005 Compiler's Notes: For transfer of powers and duties of certain occupational functions, boards, and commissions from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.
Structure Michigan Compiled Laws
Chapter 328 - Dead Human Bodies
Act 255 of 1986 - Prepaid Funeral and Cemetery Sales Act (328.211 - 328.235)
Section 328.211 - Short Title.
Section 328.212 - Meanings of Words and Phrases.
Section 328.213 - Definitions; B to D.
Section 328.214 - Definitions; D to M.
Section 328.215 - Definitions; N to U.
Section 328.219 - Notice of Purchase or Assignment of Business Operations or Prepaid Contracts.
Section 328.220 - Nonguaranteed or Guaranteed Price Contracts; Execution.
Section 328.221 - Guaranteed Price Contract; Requirements.
Section 328.227 - Rules Generally.
Section 328.228 - Prohibited Conduct; Rules; Administrative Action.
Section 328.231 - Violations; Penalties.
Section 328.232 - Conversion of Funds as Felony; Violation as Misdemeanor; Penalties.
Section 328.234 - Action to Force Compliance; Damages; Orders.