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NOTE: Dates reflect any modification to item, not necessarily a change in law.
Act 89 of 1986
- MICHIGAN BIDCO ACT (487.1101 - 487.2001)
| 89‑1986‑1 ‑ | ARTICLE 1 SHORT TITLE, PURPOSES, AND DEFINITIONS (487.1101...487.1106) |
| 89‑1986‑2 ‑ | ARTICLE 2 REGULATION, REPORTING, AND EXAMINATION (487.1201...487.1217) |
| | Section 487.1201 ‑ | Administration of act; orders; rules; imposition of conditions; applications for declaratory rulings; judicial review. |
| | Section 487.1205 ‑ | Investigations; purposes; oaths and affirmations; witnesses; evidence; documents or records; failure to comply with subpoena. |
| | Section 487.1209 ‑ | Establishment of annual schedule of fees; payment; action for recovery of fees or penalties; failure to submit report; disposition. |
| | Section 487.1211 ‑ | Books, accounts, and other records of licensee; location and preservation; valuation of assets; audit report. |
| | Section 487.1213 ‑ | Making or keeping of books, accounts, or other records by person other than licensee; applicability of act; approval of commissioner. |
| | Section 487.1216 ‑ | Publication and distribution of information on impact of act. |
| | Section 487.1217 ‑ | Examination of licensee or subsidiary of licensee; exhibiting books, accounts, and other records; facilitating examination; retention of person to assist commissioner. |
| 89‑1986‑3 ‑ | ARTICLE 3 LICENSING (487.1301...487.1317) |
| | Section 487.1303 ‑ | Review of information; approval of application for license; determinations; net worth; findings; grounds. |
| | Section 487.1304 ‑ | Business development enterprise; designation; application; criteria; notification by board of Michigan strategic fund. |
| | Section 487.1305 ‑ | Application for preliminary approval of application for license; order; conditions to final approval; fee. |
| | Section 487.1309 ‑ | License; issuance; posting; nontransferable and nonassignable. |
| | Section 487.1315 ‑ | Michigan corporation or limited liability company licensed under another law. |
| | Section 487.1317 ‑ | Application to commissioner to accept surrender of license; approval; notice to owners and creditors; filing objection; sending copy of objection to commissioner. |
| 89‑1986‑4 ‑ | ARTICLE 4 CORPORATE MATTERS (487.1401...487.1407) |
| | Section 487.1403 ‑ | Board of directors; number of directors; membership; meetings. |
| | Section 487.1405 ‑ | Death, resignation, or removal of director, officer, or manager; election of director; appointment of officer or manager; notice to commissioner; additional information. |
| | Section 487.1407 ‑ | Dividend and distribution policies; buying back share of stock or membership interest. |
| 89‑1986‑5 ‑ | ARTICLE 5 TRANSACTION OF BUSINESS (487.1501...487.1513) |
| | Section 487.1501 ‑ | Offices of licensee; number; location; posting sign bearing corporate name; personnel; establishing, relocating, or closing office. |
| | Section 487.1505 ‑ | Forms, terms, and conditions of financing assistance; participation in program of small business administration; compliance; scope of management assistance; purpose of financing assistance or management assistance; exercise of incidental powers; extension of credit; interest; violation as felony; penalty; “interest” defined. |
| | Section 487.1507 ‑ | Holding control of business firm; order approving or denying application; “hold control” defined; plan for acquiring and holding control of business firm; demonstrating necessity to hold control of business firm. |
| | Section 487.1509 ‑ | Transacting business in safe and sound manner; considering risks; authority of commissioner not limited. |
| | Section 487.1511 ‑ | Definitions; transactions involving potential conflict of interest; authority of commissioner to determine conflict of interest not limited. |
| 89‑1986‑6 ‑ | ARTICLE 6 MERGERS AND ACQUISITIONS (487.1601...487.1603) |
| | Section 487.1601 ‑ | Acquiring control of licensee; application for approval; determinations by commissioner. |
| | Section 487.1603 ‑ | Merger of licensee with another business firm; conditions; purchase by licensee of business of another person; sale of business; application for approval of merger, purchase, or sale; determinations. |
| 89‑1986‑7 ‑ | ARTICLE 7 ENFORCEMENT (487.1701...487.1719) |
| | Section 487.1701 ‑ | Action to enjoin violation or enforce compliance; restraining order, preliminary or permanent injunction, or writ of mandamus; appointment of receiver or conservator; bond. |
| | Section 487.1703 ‑ | Violation of MCL 487.1311; cease and desist order; filing application for hearing on order; rescission of order; judicial review. |
| | Section 487.1705 ‑ | Cease and desist order; affirmative action to correct condition; application for hearing on order; affirming, modifying, or rescinding order; judicial review. |
| | Section 487.1707 ‑ | Order removing subject person from office and prohibiting further participation in business of licensee; notice and hearing; determinations; order suspending subject person from office and prohibiting further participation in business of licensee; application for hearing on order; affirming, modifying, or rescinding order; judicial review; “office” defined. |
| | Section 487.1709 ‑ | Crime involving dishonesty or breach of trust; order suspending subject person from office and prohibiting further participation in business of licensee; application for hearing on order; affirming, modifying, or rescinding order; judicial review; conviction not required; “office” defined. |
| | Section 487.1713 ‑ | Calling meeting of board of directors of licensee or of owners of licensee; notice; expenses. |
| | Section 487.1715 ‑ | Order directing licensee to refrain from providing additional financing assistance to business firms; notice and hearing; determinations; request for hearing; affirming, modifying, or rescinding order; resumption of financing assistance; application to modify or rescind order. |
| | Section 487.1717 ‑ | Appointment of conservator for licensee; reimbursement of expenses of conservatorship; powers and duties of conservator; liquidation of licensee; appointment of receiver; determinations; manner of liquidation. |
| | Section 487.1719 ‑ | Violation of act; amount and disposition of civil penalty; applicability of section; provisions cumulative; liability for certain violations. |
| 89‑1986‑8 ‑ | ARTICLE 8 CERTAIN UNLAWFUL ACTIVITIES (487.1801...487.1819) |
| | Section 487.1803 ‑ | Willful untrue statement or omission of material fact in application or report. |
| | Section 487.1805 ‑ | Willful refusal to allow inspection or making copies of books, accounts, and other records. |
| | Section 487.1807 ‑ | Books, accounts, or other records; false entries; omission of required entry; alteration, concealment, or destruction. |
| | Section 487.1811 ‑ | Financing assistance to discharge obligation to associate of licensee; transactions to which section inapplicable. |
| | Section 487.1813 ‑ | Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section. |
| | Section 487.1815 ‑ | Compensation of associate of licensee for procuring or influencing licensee's action with respect to providing financing assistance; section inapplicable to fees received for bona fide closing services; criteria. |
| | Section 487.1819 ‑ | Violation of article; penalty; applicability of section; power of state to punish not limited by act. |
| 89‑1986‑9 ‑ | ARTICLE 9 GENERAL PROVISIONS (487.1901...487.1905) |
| | Section 487.1903 ‑ | Proceedings subject to administrative procedures act; exemptions. |
| | Section 487.1905 ‑ | Applicability of provisions of licensee's incorporating or organizing statute. |
| 89‑1986‑10 ‑ | ARTICLE 10 REPEAL (487.2001...487.2001) |
| | Section 487.2001 ‑ | Repeal of MCL 487.851 to 487.867; certain statutory references considered references to BIDCO. |
