Sec. 24.
(1) If there is a proposed change of control of a licensee, the licensee shall do all of the following:
(a) Give the commissioner written notice of a proposed change of control 30 days or more before the proposed change of control.
(b) Request approval of the proposed change of control.
(c) Pay a nonrefundable fee with the notice, in an amount prescribed by the commissioner.
(2) After review of a request for approval under subsection (1), the commissioner may require the licensee to provide additional information concerning each proposed control person of the licensee. However, the commissioner shall only require that the licensee provide additional information of the same type required of the licensee or any control person of the licensee as part of the licensee's original license or renewal application.
(3) The commissioner shall approve a request for change of control under subsection (1) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the experience, character, and general fitness to operate the licensee in a lawful and proper manner.
(4) Subsection (1) does not apply to a public offering of securities.
History: 2006, Act 250, Imd. Eff. July 3, 2006
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)
Section 487.1001 - Short Title.
Section 487.1002 - Definitions; a to L.
Section 487.1003 - Definitions; M to T.
Section 487.1004 - Applicability of Act.
Section 487.1011 - Money Transmission Services; License Required; Exception.
Section 487.1012 - License Application; Form; Information Required.
Section 487.1015 - Fee Schedule; Expiration and Renewal of License.
Section 487.1016 - Travel Expenses; Recovery of Fees and Fines; Collection; Disposition.
Section 487.1021 - Information Obtained in Examination or Investigation; Disclosure Prohibited.
Section 487.1022 - Joint Examination or Investigation.
Section 487.1023 - Changed Information; Filing; Events Requiring Filing of Report.
Section 487.1026 - Disclosure of Information.
Section 487.1031 - Permissible Investments.
Section 487.1032 - Investments Permitted Under MCL 487.1031; Limitation.
Section 487.1033 - Agreement Between Licensee and Authorized Delegate.
Section 487.1034 - Authorized Delegate; Prohibited Conduct; Duties.
Section 487.1042 - Violations; Penalties; Restitution.
Section 487.1043 - Summary Suspension Order.
Section 487.1044 - Cease and Desist Order.