SENATE BILL No. 1290

 

 

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.