Michigan Laws 493.5 – Licenses; contents; posting; transfer; assignment
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(1) Except as otherwise provided under this section, the license shall state the address at which the principal office of the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a co-partnership or association, the names of the members, and if a corporation, the date and place of its incorporation.
(2) The license shall be kept conspicuously posted in the places of business specified in the license.
Terms Used In Michigan Laws 493.5
- Commissioner: means the commissioner of the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 493.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- License: means a single license issued to a single place of business. See Michigan Laws 493.1
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) The license is not transferable or assignable without the prior approval of the commissioner.
(4) The sale, transfer, assignment, or conveyance of more than 25% of the outstanding voting stock of a licensee that is a corporation, or more than 25% of the interest in a licensee that is a partnership or other unincorporated legal entity, shall be considered to be a transfer of the license.