Act 161 of 1988 Consumer Financial Services Act (487.2051 - 487.2072)

Act 161 of 1988 Consumer Financial Services Act (487.2051 - 487.2072)

Section 487.2051 Short Title.
Section 487.2052 Definitions.
Section 487.2053 License Required to Engage in Business Activity; Exceptions.
Section 487.2054 License Application.
Section 487.2055 License Fee; Investigation Fee; Financial Statements; Net Worth Requirements.
Section 487.2056 Surety Bond or Letter of Credit.
Section 487.2057 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 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 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 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 Request for Reconsideration.
Section 487.2060b Hearing; Judicial Review.
Section 487.2060c Enforcement of Notice or Order.
Section 487.2060d Summary Suspension; Order; Hearing; Record.
Section 487.2060e Summary Suspension Order, Cease and Desist Order, or Injunctive Relief as Additional Legal Action.
Section 487.2060f Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension.
Section 487.2060g Fraud or Money Laundering; Definitions.
Section 487.2060h Hearing; Decision; Findings; Judicial Review; Stay.
Section 487.2060i Enforcement of Order; Jurisdiction.
Section 487.2060j Violation as Misdemeanor; Penalty.
Section 487.2060k Violation of Order; Exceptions.
Section 487.2061 Annual Schedule of Fees; Fees Nonrefundable; Action for Recovery of Fees or Penalties; Disposition of Money Received.
Section 487.2062 Investigation of Business Activities; Examination of Books, Accounts, Records, and Files; Additional Reports; Audit and Management Letter.
Section 487.2063 Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000.
Section 487.2064 Records.
Section 487.2065 Annual Report; Failure to File Report; Penalty.
Section 487.2066 Conservatorship or Receivership.
Section 487.2066a Licensee Engaged in Loan Servicing Activities; Appointment of Conservator or Receiver.
Section 487.2066b Powers and Duties of Conservator or Receiver.
Section 487.2067 Prohibited Activities or Practices.
Section 487.2068 Rules.
Section 487.2069 Obligation of Contract Party Not Impaired or Affected.
Section 487.2070 Action by Person, County Prosecuting Attorney, or Attorney General.
Section 487.2071 Effective Date.
Section 487.2072 Conditional Effective Date.

We have updated our Terms of Service, Privacy Policy, and Disclosures. By continuing to browse this site, you agree to our Terms of Service, Privacy Policy, and Disclosures.

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.

Bookish