Sec. 811.
A licensee shall not provide, directly or indirectly, financing assistance to discharge, or to free other money for use in discharging, in whole or in part, an obligation to an associate of that licensee. This section does not apply to a transaction effected by an associate of a licensee in the normal course of that associate's business involving a line of credit or short-term financing assistance.
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 8 - Certain Unlawful Activities (487.1801...487.1819)
Section 487.1801 - Definitions.
Section 487.1803 - Willful Untrue Statement or Omission of Material Fact in Application or Report.
Section 487.1809 - Financing Assistance to Associate of Licensee.