MCL - 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
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Am. 1947, Act 130, Eff. Oct. 11, 1947
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Am. 1963, Act 103, Eff. Sept. 6, 1963
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Am. 1971, Act 168, Eff. Mar. 30, 1972
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Am. 1978, Act 528, Eff. Mar. 30, 1979
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Am. 1980, Act 392, Eff. Mar. 31, 1981
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Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002
| Document | Type | Description |
|---|---|---|
| Section 493.1 | Section | Short title; definitions. |
| Section 493.1a | Section | Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. |
| Section 493.2 | Section | Business of making loans; license required; application for license; oath; form and contents; fees; proof of net worth. |
| Section 493.3 | Section | Licenses; bond of applicant; approval; conditions. |
| Section 493.4 | Section | Investigation; findings; issuance or denial of license; notice; transcript of decision and findings. |
| Section 493.5 | Section | Licenses; contents; posting; transfer; assignment. |
| Section 493.6 | Section | Net worth; additional bond; filing. |
| Section 493.7 | Section | Changing name or place of business; procedure; activities at more than 1 place of business; ceasing to engage in activities subject to act. |
| Section 493.8 | Section | Annual establishment of fees schedule; bond; action for recovery of fees or penalties; fees nonrefundable; report; disposition and use of money received. |
| Section 493.9 | Section | Revocation, suspension, or surrender of license; reinstatement or issuance of new license; transcript of order. |
| Section 493.9a | Section | Cease and desist order; grounds; notice; failure to appear at hearing; findings; effective date and duration of order. |
| Section 493.9b | Section | Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension. |
| Section 493.9c | Section | Fraud. |
| Section 493.9d | Section | Hearing; decision; findings; judicial review; stay. |
| Section 493.9e | Section | Enforcement of order; jurisdiction. |
| Section 493.9f | Section | Violation as misdemeanor; penalty. |
| Section 493.9g | Section | Violation of order; exceptions. |
| Section 493.10 | Section | Commissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees. |
| Section 493.11 | Section | Books, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports. |
| Section 493.12 | Section | Statements 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 493.12a | Section | False, misleading, deceptive, or irresponsible advertising unlawful; definition; requirements for advertising. |
| Section 493.12b | Section | Repealed. 1991, Act 14, Eff. Oct. 1, 1991. |
| Section 493.12c | Section | False, 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 493.12d | Section | Action to enjoin licensee from advertising; circuit court. |
| Section 493.13 | Section | Limitation 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 493.13a | Section | Credit life insurance; other insurance. |
| Section 493.14 | Section | Licensee; duties. |
| Section 493.14a | Section | Compliance with federal consumer credit protection act. |
| Section 493.15 | Section | Contract in compliance with retail installment sales act or home improvement finance act. |
| Section 493.15a | Section | Regulatory loan contract; nonperformance by borrower; advances by licensee; termination of insurance upon reinstatement of contractual duties by borrower. |
| Section 493.16 | Section | Repealed. 1978, Act 528, Eff. Mar. 30, 1979. |
| Section 493.17 | Section | Assignment 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 493.18 | Section | Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country. |
| Section 493.19 | Section | Violation as misdemeanor; penalty. |
| Section 493.20 | Section | Businesses exempt from act. |
| Section 493.21 | Section | Enforcement of act; rules. |
| Section 493.22 | Section | Amendments or repeals of act; impairment of obligation. |
| Section 493.23 | Section | Repealed. 1991, Act 14, Eff. Oct. 1, 1991. |
| Section 493.24 | Section | Review of decisions and regulations; limitations; method; jurisdiction of courts. |
| Section 493.25 | Section | Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. |
| Section 493.26 | Section | Repealed. 1991, Act 14, Eff. Oct. 1, 1991. |