Michigan Compiled Laws 89-1986-5 Article 5 Transaction Of Business (487.1501...487.1513)

• Section 487.1501 Offices Of Licensee; Number; Location; Posting Sign Bearing Corporate Name; Personnel; Establishing, Relocating, Or Closing Office.
  (1) A licensee shall maintain not less than 1 office in this state. (2) A licensee shall not maintain an office at any place...
• Section 487.1503 Business Of Licensee; Powers And Privileges Of Licensee.
  (1) The business of a licensee shall be providing financing assistance and management assistance to business firms. A licensee shall not engage in a...
• Section 487.1505 Forms, Terms, And Conditions Of Financing Assistance; Participation In Program Of Small Business Administration; Compliance; Scope Of Management Assistance; Purpose Of Financing Assistance Or Management Assistance; Exercise Of Incidental Powers; Extension Of Credit; Interest; Violation As Felony; Penalty; “interest” Defined.
  (1) A licensee may determine the form and the terms and conditions for financing assistance provided by that licensee to a business firm including,...
• Section 487.1507 Holding Control Of Business Firm; Order Approving Or Denying Application; “hold Control” Defined; Plan For Acquiring And Holding Control Of Business Firm; Demonstrating Necessity To Hold Control Of Business Firm.
  (1) Either by itself or in concert with a director, officer, principal owner, manager, or affiliate, another licensee, or a director, officer, principal owner,...
• Section 487.1509 Transacting Business In Safe And Sound Manner; Considering Risks; Authority Of Commissioner Not Limited.
  (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (2)...
• Section 487.1511 Definitions; Transactions Involving Potential Conflict Of Interest; Authority Of Commissioner To Determine Conflict Of Interest Not Limited.
  (1) For purposes of this section: (a) “Associate” means that term as defined as in article 8. (b) “Relative” means parent, child, sibling, spouse,...
• Section 487.1513 Lien On Or Security Interest In Property Of Licensee.
  Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for...

Last modified: October 10, 2016