Sec. 4.
An application for a license under this act shall be made in writing and under oath to the commissioner in the form the commissioner may prescribe. The application shall state the full name, business address, and residence address of the following:
(a) The proprietor, if the applicant is an individual.
(b) Every member, if the applicant is a partnership, limited liability company, or association, except that if the applicant is a joint stock association having 50 or more members, the name and business address need be given only for the association and each of its officers and directors.
(c) If the applicant is a corporation, the name of the corporation and each of its officers, directors, and stockholders. The commissioner may exempt publicly held corporations from the requirement of providing information regarding stockholders.
History: 1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1999, Act 275, Imd. Eff. Jan. 5, 2000 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.
Structure 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 487.2060a - 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 487.2060g - 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Section 487.2063 - Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.
Section 487.2065 - Annual Report; Failure to File Report; Penalty.
Section 487.2066 - Conservatorship or Receivership.
Section 487.2066b - Powers and Duties of Conservator or Receiver.
Section 487.2067 - Prohibited Activities or Practices.
Section 487.2069 - Obligation of Contract Party Not Impaired or Affected.
Section 487.2070 - Action by Person, County Prosecuting Attorney, or Attorney General.