PocketLaw | Michigan Compiled Laws | 21 of 1939 - Regulatory Loan Act

21 of 1939 - Regulatory Loan Act (493.1 - 493.26)

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Short Title; Definitions.

Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.

Business of Making Loans; License Required; Application for License; Oath; Form and Contents; Fees; Proof of Net Worth.

Licenses; Bond of Applicant; Approval; Conditions.

Investigation; Findings; Issuance or Denial of License; Notice; Transcript of Decision and Findings.

Licenses; Contents; Posting; Transfer; Assignment.

Net Worth; Additional Bond; Filing.

Changing Name or Place of Business; Procedure; Activities at More Than 1 Place of Business; Ceasing to Engage in Activities Subject to Act.

Annual Establishment of Fees Schedule; Bond; Action for Recovery of Fees or Penalties; Fees Nonrefundable; Report; Disposition and Use of Money Received.

Revocation, Suspension, or Surrender of License; Reinstatement or Issuance of New License; Transcript of Order.

Cease and Desist Order; Grounds; Notice; Failure to Appear at Hearing; Findings; Effective Date and Duration of Order.

Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension.

Fraud.

Hearing; Decision; Findings; Judicial Review; Stay.

Enforcement of Order; Jurisdiction.

Violation as Misdemeanor; Penalty.

Violation of Order; Exceptions.

Commissioner of State Banking Department; Authority to Investigate Business and Examine Records; Witnesses; Examination of Licensee; Construction of Section; Disposition of Fees.

Books, Accounts, and Records of Licensee; Preservation and Accessibility; Filing Financial Statement With Commissioner; Reports.

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

False, Misleading, Deceptive, or Irresponsible Advertising Unlawful; Definition; Requirements for Advertising.

Section
493.12b

Repealed. 1991, Act 14, Eff. Oct. 1, 1991.

Section
493.12c

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

Action to Enjoin Licensee From Advertising; Circuit Court.

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

Credit Life Insurance; Other Insurance.

Licensee; Duties.

Section
493.14a

Compliance With Federal Consumer Credit Protection Act.

Contract in Compliance With Retail Installment Sales Act or Home Improvement Finance Act.

Section
493.15a

Regulatory Loan Contract; Nonperformance by Borrower; Advances by Licensee; Termination of Insurance Upon Reinstatement of Contractual Duties by Borrower.

Repealed. 1978, Act 528, Eff. Mar. 30, 1979.

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.

Unlicensed Persons; Limitation on Interest, Discount, or Consideration; Applicability of Act to Loans Made in Another State or Country.

Violation as Misdemeanor; Penalty.

Businesses Exempt From Act.

Enforcement of Act; Rules.

Amendments or Repeals of Act; Impairment of Obligation.

Repealed. 1991, Act 14, Eff. Oct. 1, 1991.

Review of Decisions and Regulations; Limitations; Method; Jurisdiction of Courts.

Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.

Repealed. 1991, Act 14, Eff. Oct. 1, 1991.