Michigan Laws 493.58 – Summary suspension of license or registration; order; affidavit; service; filing request for hearing; duration of license suspension; record
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(1) The commissioner may issue an order summarily suspending a license or registration under section 92 of the administrative procedures act of 1969, 1969 PA 306, MCL 24.292, supported by an affidavit that an imminent threat of financial loss or imminent threat to the public welfare exists. The order to summarily suspend a license or registration shall be served upon the licensee or registrant.
(2) A licensee or registrant upon which an order to summarily suspend its license or registration has been served shall have 20 days after the date of service of the order within which to file with the commissioner a request for a hearing.
Terms Used In Michigan Laws 493.58
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Commissioner: means the commissioner of the office of financial and insurance regulation of the department of energy, labor, and economic growth or his or her authorized representatives. See Michigan Laws 493.51
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51
- Registrant: means a person that is registered or required to register as a broker, lender, or servicer under this act. See Michigan Laws 493.51
- Service: means the collection or remittance for a lender, noteowner, or noteholder or a licensee's own account of 4 or more installment payments of the principal of, interest of, or an amount placed in escrow under a secondary mortgage loan, mortgage servicing agreement, or an agreement with a mortgagor. See Michigan Laws 493.51
(3) A hearing shall be promptly held upon receipt of a request for a hearing filed by a licensee or registrant.
(4) A summary suspension of a license or registration shall continue until the commissioner finds that the imminent threat of financial loss and imminent threat to the public welfare no longer exist.
(5) The record created at the hearing of the summary suspension shall become part of the record on the complaint at a subsequent hearing in a contested case.