Sec. 19.
(1) A license issued under this article shall expire on September 30 of each year unless earlier suspended, surrendered, or revoked under this act. A licensee may renew a license for a 12-month period by submitting a complete application that shows continued compliance with this act, in a form prescribed by the commissioner, and paying the license renewal fee to the commissioner. The licensee shall submit a renewal application under this subsection on or before August 1 and the commissioner shall proceed in the manner described in sections 15(1) and 16.
(2) Before October 1, 2006, the commissioner may issue a license to an applicant under this article that is for a period longer than 12 months and that expires on September 30, 2007.
History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)
Article 2 - (487.2131...487.2142)
Section 487.2132 - Licensure Requirements.
Section 487.2133 - Application; Writing; Oath; Form; Information; Fee.
Section 487.2134 - License Fees; Disposition; Surety Bond.
Section 487.2136 - Denial of Application or Failure to Act Within Certain Time Period; Hearing.
Section 487.2138 - Report Describing Certain Event.
Section 487.2139 - Expiration and Renewal of License.
Section 487.2141 - Books, Accounts, and Records; Preservation.
Section 487.2142 - Development, Implementation, and Maintenance of Database.