Michigan Compiled Laws
Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072)
Section 487.2051 - Short Title.

Sec. 1.
This act shall be known and may be cited as the "consumer financial services act".
History: 1988, Act 161, Eff. Sept. 1, 1988 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 487 - Financial Institutions

Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072)

Section 487.2051 - Short Title.

Section 487.2052 - Definitions.

Section 487.2053 - License Required to Engage in Business Activity; Exceptions.

Section 487.2054 - License Application.

Section 487.2055 - License Fee; Investigation Fee; Financial Statements; Net Worth Requirements.

Section 487.2056 - Surety Bond or Letter of Credit.

Section 487.2057 - Investigation of License Applicant by Commissioner; Issuance and Delivery of License; Expiration of License; Renewal of License; Fee; Penalty for Delinquent Payment.

Section 487.2058 - License Certificate; Availability of Copy; Transferability; Changing Name or Place of Business; Operating One Place of Business Under Same License; Additional Place of Business; Ceasing Business Activities.

Section 487.2059 - Compliance; Exemption of Licensee From Certain Provisions of Financial Licensing Acts; Purchase of Certain Contracts; Loans; Employment of Individual as Loan Officer to Originate Mortgage Loans or Secondary Mortgage Loan Officer to...

Section 487.2060 - Suspension or Revocation of License; Notice; Hearing; Determination; Appeal; Grounds for Suspending, Revoking, or Refusing to Renew License; Suspension or Revocation of Activities; Investigations, Examinations, and Hearings; Eviden...

Section 487.2060a - Request for Reconsideration.

Section 487.2060b - Hearing; Judicial Review.

Section 487.2060c - Enforcement of Notice or Order.

Section 487.2060d - Summary Suspension; Order; Hearing; Record.

Section 487.2060e - Summary Suspension Order, Cease and Desist Order, or Injunctive Relief as Additional Legal Action.

Section 487.2060f - Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension.

Section 487.2060g - Fraud or Money Laundering; Definitions.

Section 487.2060h - Hearing; Decision; Findings; Judicial Review; Stay.

Section 487.2060i - Enforcement of Order; Jurisdiction.

Section 487.2060j - Violation as Misdemeanor; Penalty.

Section 487.2060k - Violation of Order; Exceptions.

Section 487.2061 - Annual Schedule of Fees; Fees Nonrefundable; Action for Recovery of Fees or Penalties; Disposition of Money Received.

Section 487.2062 - Investigation of Business Activities; Examination of Books, Accounts, Records, and Files; Additional Reports; Audit and Management Letter.

Section 487.2063 - Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.

Section 487.2064 - Records.

Section 487.2065 - Annual Report; Failure to File Report; Penalty.

Section 487.2066 - Conservatorship or Receivership.

Section 487.2066a - Licensee Engaged in Loan Servicing Activities; Appointment of Conservator or Receiver.

Section 487.2066b - Powers and Duties of Conservator or Receiver.

Section 487.2067 - Prohibited Activities or Practices.

Section 487.2068 - Rules.

Section 487.2069 - Obligation of Contract Party Not Impaired or Affected.

Section 487.2070 - Action by Person, County Prosecuting Attorney, or Attorney General.

Section 487.2071 - Effective Date.

Section 487.2072 - Conditional Effective Date.