Michigan Compiled Laws
Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072)
Section 487.2060f - Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension.

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

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.