Michigan Laws 451.2603 – Civil action; enforcement; authority of court; bond
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Terms Used In Michigan Laws 451.2603
- Administrator: means the office of financial and insurance regulation of the department of energy, labor, and economic growth. See Michigan Laws 451.2102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Depository institution: means a bank; or a savings institution, trust company, credit union, or similar institution that is organized or chartered under the laws of a state or of the United States, authorized to receive deposits, and supervised and examined by an official or agency of a state or the United States if its deposits or share accounts are insured to the maximum amount authorized by federal statute by the federal deposit insurance corporation, the national credit union share insurance fund, or a successor authorized by federal law; or a bank that does not receive deposits because of a limitation in its charter, articles of incorporation, or articles of association. See Michigan Laws 451.2102
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, limited liability partnership, association, joint venture, or government; a governmental subdivision, agency, or instrumentality; a public corporation; or any other legal or commercial entity. See Michigan Laws 451.2102b
- Predecessor act: means former 1964 PA 265. See Michigan Laws 451.2102b
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(1) If it appears to the administrator that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this act or a rule adopted or order issued under this act, or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this act or a rule adopted or order issued under this act, the administrator may maintain an action in the circuit court to enjoin the act, practice, or course of business and to enforce compliance with this act or a rule adopted or order issued under this act.
(2) In an action under this section and upon a proper showing, the court may do any of the following:
(a) Issue a permanent or temporary injunction, restraining order, or a declaratory judgment.
(b) Issue an order for other appropriate or ancillary relief, including any of the following:
(i) An asset freeze, accounting, writ of attachment, writ of general or specific execution, and an appointment of a receiver or conservator, which may be the administrator, for the defendant or the defendant’s assets.
(ii) An order to the administrator to take charge and control of a defendant’s property, including investment accounts and accounts in a depository institution, rents, and profits, to collect debts, and to acquire and dispose of property.
(iii) The imposition of a civil fine of not more than $10,000.00 for a single violation or $500,000.00 for multiple violations.
(iv) An order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this act or the predecessor act or a rule adopted or order issued under this act or the predecessor act.
(v) An order for the payment of prejudgment and postjudgment interest.
(c) Granting other relief that the court considers appropriate.
(3) The administrator shall not be required to post a bond in an action under this section.