Michigan Compiled Laws
Article 7 - Enforcement (487.1701...487.1719)
Section 487.1719 - Violation of Act; Amount and Disposition of Civil Penalty; Applicability of Section; Provisions Cumulative; Liability for Certain Violations.

Sec. 719.
(1) If, after notice and a hearing, the commissioner finds that a person has violated this act, the commissioner may order that person to pay to the commissioner a civil penalty in the amount the commissioner specifies. However, the amount of the civil penalty shall not exceed $1,000.00 for each violation, or in the case of a continuing violation, $1,000.00 for each day for which the violation continues. Money collected for a civil penalty under this section shall be paid into the state treasury and credited to the general fund of this state.
(2) This section does not apply to any act committed or omitted in good faith in conformity with an order, rule, declaratory ruling, or written interpretative opinion of the commissioner, notwithstanding that the order, rule, declaratory ruling, or written interpretative opinion is later amended, rescinded, or repealed, or determined by judicial or other authority to be invalid for any reason.
(3) The provisions of subsection (1) are additional to, and not alternative to, other provisions of this act which authorize the commissioner to issue orders or to take other action on account of a violation of this act. A person who is convicted under section 819 on account of a violation of article 8 shall not be liable to pay a civil penalty under subsection (1) on account of that violation. A person who pays a civil penalty under subsection (1) on account of a violation of article 8 shall not be liable to prosecution under section 819 on account of that violation.
History: 1986, Act 89, Imd. Eff. May 1, 1986

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 487 - Financial Institutions

Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)

Article 7 - Enforcement (487.1701...487.1719)

Section 487.1701 - Action to Enjoin Violation or Enforce Compliance; Restraining Order, Preliminary or Permanent Injunction, or Writ of Mandamus; Appointment of Receiver or Conservator; Bond.

Section 487.1703 - Violation of MCL 487.1311; Cease and Desist Order; Filing Application for Hearing on Order; Rescission of Order; Judicial Review.

Section 487.1705 - Cease and Desist Order; Affirmative Action to Correct Condition; Application for Hearing on Order; Affirming, Modifying, or Rescinding Order; Judicial Review.

Section 487.1707 - Order Removing Subject Person From Office and Prohibiting Further Participation in Business of Licensee; Notice and Hearing; Determinations; Order Suspending Subject Person From Office and Prohibiting Further Participation in Busin...

Section 487.1709 - Crime Involving Dishonesty or Breach of Trust; Order Suspending Subject Person From Office and Prohibiting Further Participation in Business of Licensee; Application for Hearing on Order; Affirming, Modifying, or Rescinding Order;...

Section 487.1711 - Disclosure to Owners.

Section 487.1713 - Calling Meeting of Board of Directors of Licensee or of Owners of Licensee; Notice; Expenses.

Section 487.1715 - Order Directing Licensee to Refrain From Providing Additional Financing Assistance to Business Firms; Notice and Hearing; Determinations; Request for Hearing; Affirming, Modifying, or Rescinding Order; Resumption of Financing Assis...

Section 487.1717 - Appointment of Conservator for Licensee; Reimbursement of Expenses of Conservatorship; Powers and Duties of Conservator; Liquidation of Licensee; Appointment of Receiver; Determinations; Manner of Liquidation.

Section 487.1719 - Violation of Act; Amount and Disposition of Civil Penalty; Applicability of Section; Provisions Cumulative; Liability for Certain Violations.