Sec. 10f.
(1) As provided in section 10(4), the commissioner may investigate or conduct an examination of any person and conduct hearings as the commissioner considers necessary to determine whether a licensee or any other person has violated this act, or whether a licensee has conducted business in a manner that would justify suspension or revocation of its license.
(2) Upon the filing of a complaint or the taking of action against a licensee under section 10(7), the commissioner may issue and serve upon a licensee an order suspending that person's license. The order shall be supported by an affidavit from a person familiar with the facts set forth in the affidavit and shall contain information that an imminent threat of financial loss or threat to the public welfare exists.
(3) Upon service of the order under subsection (2), the licensee shall have 20 days to file with the commissioner a request for a hearing. The hearing shall be scheduled within 20 days of the receipt of a request filed under this subsection.
(4) A suspension of a license under this section shall continue until the commissioner finds that the threat of financial loss or threat to the public welfare no longer exists.
History: Add. 2002, Act 390, Imd. Eff. May 30, 2002
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Section 487.2063 - Repealed. 1999, Act 275, Imd.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.