Michigan Compiled Laws § 487.2132 Licensure Requirements.


487.2132 Licensure requirements.

Sec. 12.

To obtain a license, an applicant shall satisfy all of the following requirements:

(a) Have and maintain net worth of at least $50,000.00 for each licensed location, subject to a maximum of $250,000.00 in required net worth for any 1 licensee, determined in accordance with generally accepted accounting principles.

(b) Demonstrate to the commissioner that the applicant has the financial responsibility, financial condition, business experience, character, and general fitness to reasonably warrant a belief that the applicant will conduct its business lawfully and fairly. In determining whether this subdivision is satisfied, and for the purpose of investigating compliance with this act, the commissioner may review any of the following:

(i) The relevant business records and the capital adequacy of the applicant.

(ii) The competence, experience, integrity, and financial ability of any person who is a member, partner, executive officer, or a shareholder with 10% or more interest in the applicant.

(iii) Any record regarding the applicant, or any person referred to in subparagraph (ii), of any criminal activity, fraud, or other act of personal dishonesty, any act, omission, or practice that constitutes a breach of a fiduciary duty, or any suspension, removal, or administrative action by any agency or department of the United States or any state.


History: 2005, Act 244, Imd. Eff. Nov. 28, 2005


Section: 487.2131  487.2132  487.2133  487.2134  487.2135  487.2136  487.2137  487.2138  487.2139  487.2140  487.2141  487.2142    Next

Last modified: October 10, 2016