Sec. 603.
(1) A licensee shall not merge with another business firm unless 1 of the following applies:
(a) If the licensee is the surviving business firm, the merger is approved by the commissioner.
(b) If the licensee is a disappearing business firm, the surviving business firm is a licensee and the merger is approved by the commissioner.
(2) A licensee shall not purchase all or substantially all of the business of another person unless the purchase is approved by the commissioner.
(3) A licensee shall not sell all or substantially all of its business or of the business of any of its offices to another person unless that other person is a licensee and the sale is approved by the commissioner.
(4) The commissioner shall approve an application for approval of a merger, purchase, or sale, if the commissioner determines all of the following:
(a) That the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee.
(b) That, upon consummation of the merger, purchase, or sale, it is reasonable to believe that the acquiring licensee will comply with this act.
(c) That the merger, purchase, or sale will not have a major detrimental impact on competition in providing financial assistance or management assistance to business firms, or if there will be a detrimental impact, the merger, purchase, or sale is necessary in the interests of the safety and soundness of any of the parties to the merger, purchase, or sale, or is otherwise, on balance, in the public interest.
History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997
Last modified: October 10, 2016