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Act 21 of 1939
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Act 21 of 1939

AN ACT to define and regulate the business of making regulatory loans; to permit the licensing of persons engaged in that business; to provide for the administration of this act and for the promulgation of rules; and to prescribe penalties.

History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- Am. 1947, Act 130, Eff. Oct. 11, 1947 ;-- Am. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- Am. 1980, Act 392, Eff. Mar. 31, 1981 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 493.1SectionShort title; definitions.
Section 493.1aSectionRepealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
Section 493.2SectionBusiness of making loans; license required; application for license; oath; form and contents; fees; proof of net worth.
Section 493.3SectionLicenses; bond of applicant; approval; conditions.
Section 493.4SectionInvestigation; findings; issuance or denial of license; notice; transcript of decision and findings.
Section 493.5SectionLicenses; contents; posting; transfer; assignment.
Section 493.6SectionNet worth; additional bond; filing.
Section 493.7SectionChanging name or place of business; procedure; activities at more than 1 place of business; ceasing to engage in activities subject to act.
Section 493.8SectionAnnual establishment of fees schedule; bond; action for recovery of fees or penalties; fees nonrefundable; report; disposition and use of money received.
Section 493.9SectionRevocation, suspension, or surrender of license; reinstatement or issuance of new license; transcript of order.
Section 493.9aSectionCease and desist order; grounds; notice; failure to appear at hearing; findings; effective date and duration of order.
Section 493.9bSectionInvestigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Section 493.9cSectionFraud.
Section 493.9dSectionHearing; decision; findings; judicial review; stay.
Section 493.9eSectionEnforcement of order; jurisdiction.
Section 493.9fSectionViolation as misdemeanor; penalty.
Section 493.9gSectionViolation of order; exceptions.
Section 493.10SectionCommissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees.
Section 493.11SectionBooks, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports.
Section 493.12SectionStatements or representations by licensee; lien on real estate; confession of judgment or power of attorney prohibited; note or evidence of indebtedness; blanks; discrimination on basis of sex or marital status prohibited; knowingly permitting person to violate order; fee; conditions.
Section 493.12aSectionFalse, misleading, deceptive, or irresponsible advertising unlawful; definition; requirements for advertising.
Section 493.12bSectionRepealed. 1991, Act 14, Eff. Oct. 1, 1991.
Section 493.12cSectionFalse, misleading, deceptive, or irresponsible advertising; report to attorney general; action to restrain by temporary or permanent injunction; costs; civil penalty; notice to licensee; assurance of discontinuance; violation subject to civil penalty; jurisdiction, continuance of cause, and petition for recovery of civil penalty; effect of action or failure to act by commissioner.
Section 493.12dSectionAction to enjoin licensee from advertising; circuit court.
Section 493.13SectionLimitation on amount of loan and interest charge; obligation under more than 1 loan contract; computation and payment of charges; loan processing fee; fees; amount other than or in excess of charges permitted by act; penalties; “open-end credit” defined.
Section 493.13aSectionCredit life insurance; other insurance.
Section 493.14SectionLicensee; duties.
Section 493.14aSectionCompliance with federal consumer credit protection act.
Section 493.15SectionContract in compliance with retail installment sales act or home improvement finance act.
Section 493.15aSectionRegulatory loan contract; nonperformance by borrower; advances by licensee; termination of insurance upon reinstatement of contractual duties by borrower.
Section 493.16SectionRepealed. 1978, Act 528, Eff. Mar. 30, 1979.
Section 493.17SectionAssignment or order for payment of compensation to secure loan invalid; validity of chattel mortgage or lien on household goods; married borrower; signatures; written assent of spouse.
Section 493.18SectionUnlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country.
Section 493.19SectionViolation as misdemeanor; penalty.
Section 493.20SectionBusinesses exempt from act.
Section 493.21SectionEnforcement of act; rules.
Section 493.22SectionAmendments or repeals of act; impairment of obligation.
Section 493.23SectionRepealed. 1991, Act 14, Eff. Oct. 1, 1991.
Section 493.24SectionReview of decisions and regulations; limitations; method; jurisdiction of courts.
Section 493.25SectionRepealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.
Section 493.26SectionRepealed. 1991, Act 14, Eff. Oct. 1, 1991.
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