Sec. 15.
(1) A licensee shall annually on or before a date established by the commissioner file with the commissioner a report, on a form provided by the commissioner, stating the licensee's volume and types of business activities for the immediately preceding calendar year. The commissioner shall provide at least 30 days' advance notice of the date each report is due.
(2) The fine for failure to file a report required by this act is $25.00 for each day the report is delinquent or $1,000.00, whichever is less. Failure to file a report required by this act may result in nonrenewal of the license by the commissioner.
History: 1988, Act 161, Eff. Sept. 1, 1988 ;-- Am. 1992, Act 76, Imd. Eff. June 2, 1992 ;-- 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Section 487.2063 - Repealed. 1999, Act 275, Imd.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.