Michigan Laws 487.2061 – Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received
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(1) The commissioner shall annually establish a schedule of fees sufficient to pay in full the bureau‘s costs of administering this act. The fees are as follows:
(a) For an application fee, not less than $500.00 or more than $2,000.00. However, if an applicant has 1 or more licenses under the financial licensing acts, the application fee shall be not less than $100.00 or more than $700.00.
Terms Used In Michigan Laws 487.2061
- Applicant: means a person that has applied to the commissioner to be licensed under this act. See Michigan Laws 487.2052
- Bureau: means the office of financial and insurance services of the department of labor and economic growth. See Michigan Laws 487.2052
- Commissioner: means the commissioner of the office of financial and insurance services or an authorized representative of the commissioner. See Michigan Laws 487.2052
- Financial licensing acts: means this act; the regulatory loan act, 1939 PA 21, MCL 493. See Michigan Laws 487.2052
- Licensee: means a person that is licensed under this act. See Michigan Laws 487.2052
- 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
(b) For amending or reissuing a license, not less than $50.00 or more than $100.00.
(c) An annual operating fee based upon the volume and types of activities conducted by the licensee during the previous calendar year. The annual operating fee set by the commissioner under this subsection shall be based upon information in reports filed under section 15.
(d) A licensee shall pay the actual travel, lodging, and meal expenses incurred by bureau employees who travel out of state to examine the records of or investigate the licensee.
(2) Fees received under this act are not refundable, except that if an application for license is not approved, the bureau shall refund the prepaid annual operating fee.
(3) If any fees or penalties provided for in this act are not paid when required, the attorney general may maintain an action against the delinquent licensee for the recovery of the fees or penalties, together with interest and costs.
(4) Money received under this act shall be paid into the state treasury and credited to the financial institutions bureau for the operation of the bureau.