Michigan Laws 493.19 – Violation as misdemeanor; penalty
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(1) A person, including a member, officer, director, agent, or employee of a licensee, who violates or participates in the violation of section 1, 12, 13, 14, or 18 is guilty of a misdemeanor punishable by a fine of not more than $500.00, or imprisonment for not more than 6 months, or both.
(2) A person who makes or collects upon a loan contract in a manner prohibited by this act is guilty of a misdemeanor under section and is subject to the credit reform act.
Terms Used In Michigan Laws 493.19
- Contract: A legal written agreement that becomes binding when signed.
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.1
- Person: means an individual, partnership, association, corporation, limited liability company, or other legal entity. See Michigan Laws 493.1