MCL - Act 21 of 1939


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 ;-- Am. 1947, Act 130, Eff. Oct. 11, 1947 ;-- Am. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- Am. 1980, Act 392, Eff. Mar. 31, 1981 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002

The People of the State of Michigan enact:
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Section 493.1a Section Repealed. 2001, Act 270, Imd.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.