April 27, 2010, Introduced by Senators WHITMER, RICHARDVILLE, NOFS, THOMAS and SANBORN and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1988 PA 161, entitled
"Consumer financial services act,"
by amending section 17 (MCL 487.2067), as amended by 2002 PA 390.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 17. A licensee under this act shall not do any of the
following:
(a) Engage in the business of a real estate broker or real
estate salesperson licensed under article 25 of the occupational
code, 1980 PA 299, MCL 339.2501 to 339.2518.
(b) Engage in the business of a pawnbroker licensed under 1917
PA 273, MCL 446.201 to 446.219.
(c)
Engage in the business of a debt-management company
licensed
under the debt management act, 1975 PA 148, MCL
451.411 to
451.437
services provider registered
under the uniform debt-
management services act.
(d)
Entering Enter into a tying arrangement through which the
licensee conditions the sale of 1 financial service to a consumer
on the agreement by the consumer to purchase 1 or more other
financial services from the licensee, an affiliate, or subsidiary
of the licensee.
(e) Knowingly permit a person to violate an order that has
been issued under this act or any other financial licensing act
that prohibits that person from being employed by, an agent of, or
a control person of the licensee.
Enacting section 1. This amendatory act takes effect 12 months
after the date it is enacted into law.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No. 1288
of the 95th Legislature is enacted into law.