Michigan Compiled Laws
Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072)
Section 487.2063 - Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.

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.