Sec. 315.
(1) A Michigan corporation or Michigan limited liability company that is licensed under another law of this state or the United States may be issued a license under this act unless the transaction of business as a licensee under the other law of this state or the United States would violate this act or would be contrary to the purposes of this act.
(2) A Michigan corporation or Michigan limited liability company that is licensed under this act may apply for and be issued a license under another law of this state or the United States unless the transaction of business as a licensee under the other law of this state or the United States would violate this act or would be contrary to the purposes of this act.
History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)
Article 3 - Licensing (487.1301...487.1317)
Section 487.1301 - Licensure; Eligibility.
Section 487.1307 - Denial of Application; Written Statement of Explanation.
Section 487.1309 - License; Issuance; Posting; Nontransferable and Nonassignable.
Section 487.1311 - Prohibited Representations; Permissible Acts.
Section 487.1313 - Misrepresentation of License.
Section 487.1315 - Michigan Corporation or Limited Liability Company Licensed Under Another Law.