Sec. 513.
Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, another person.
History: 1986, Act 89, Imd. Eff. May 1, 1986
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)
Article 5 - Transaction of Business (487.1501...487.1513)
Section 487.1503 - Business of Licensee; Powers and Privileges of Licensee.
Section 487.1513 - Lien on or Security Interest in Property of Licensee.