Transfer or Assignment of License or Registration - Mich. Comp. Laws Section 445.1659
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Michigan Laws > Trade And Commerce > Transfer or Assignment of License or Registration - Mich. Comp. Laws Section 445.1659
445.1659 Transfer or assignment of license or registration.
Sec. 9.
A license shall not be transferred or assigned without the consent of the commissioner. The sale, transfer, assignment, or conveyance of more than 25% of the outstanding voting stock of a licensee which is a corporation, or more than 25% of the interest in a licensee which is a partnership or other unincorporated association, shall be considered to be a transfer of the license. A registration shall not be transferred or assigned.
History: 1987, Act 173, Imd. Eff. Nov. 18, 1987
Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
Section: 445.1652 445.1653 445.1654 445.1655 445.1656 445.1657 445.1658 445.1659 445.1660 445.1661 445.1662 445.1663 445.1664 445.1665 445.1666
Last modified: March 17, 2013
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