CONSUMER FINANCIAL SERVICES ACT
Act 161 of 1988
AN ACT to regulate the providing of certain consumer financial services; to provide for licensing of certain financial institutions; to prescribe powers and duties of certain state departments and agencies; to prohibit certain activities; and to provide for remedies and penalties.
History: 1988, Act 161, Eff. Sept. 1, 1988
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 487.2051 | Section | Short title. |
| Section 487.2052 | Section | Definitions. |
| Section 487.2053 | Section | License required to engage in business activity; exceptions. |
| Section 487.2054 | Section | License application. |
| Section 487.2055 | Section | License fee; investigation fee; financial statements; net worth requirements. |
| Section 487.2056 | Section | Surety bond or letter of credit. |
| Section 487.2057 | Section | 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 | Section | 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 | Section | 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 originate secondary mortgage loans. |
| Section 487.2059.amended | Section | 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 originate secondary mortgage loans; "employ" defined. |
| Section 487.2060 | Section | 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; evidence; failure to comply with subpoena; cease and desist order. |
| Section 487.2060a | Section | Request for reconsideration. |
| Section 487.2060b | Section | Hearing; judicial review. |
| Section 487.2060c | Section | Enforcement of notice or order. |
| Section 487.2060d | Section | Summary suspension; order; hearing; record. |
| Section 487.2060e | Section | Summary suspension order, cease and desist order, or injunctive relief as additional legal action. |
| Section 487.2060f | Section | Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension. |
| Section 487.2060g | Section | Fraud or money laundering; definitions. |
| Section 487.2060h | Section | Hearing; decision; findings; judicial review; stay. |
| Section 487.2060i | Section | Enforcement of order; jurisdiction. |
| Section 487.2060j | Section | Violation as misdemeanor; penalty. |
| Section 487.2060k | Section | Violation of order; exceptions. |
| Section 487.2061 | Section | Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received. |
| Section 487.2062 | Section | Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter. |
| Section 487.2063 | Section | Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000. |
| Section 487.2064 | Section | Records. |
| Section 487.2065 | Section | Annual report; failure to file report; penalty. |
| Section 487.2066 | Section | Conservatorship or receivership. |
| Section 487.2066a | Section | Licensee engaged in loan servicing activities; appointment of conservator or receiver. |
| Section 487.2066b | Section | Powers and duties of conservator or receiver. |
| Section 487.2067 | Section | Prohibited activities or practices. |
| Section 487.2068 | Section | Rules. |
| Section 487.2069 | Section | Obligation of contract party not impaired or affected. |
| Section 487.2070 | Section | Action by person, county prosecuting attorney, or attorney general. |
| Section 487.2071 | Section | Effective date. |
| Section 487.2072 | Section | Conditional effective date. |