Michigan Laws 487.2067 – Prohibited activities or practices
Current as of: 2024 | Check for updates
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A licensee under this act shall not do any of the following:
(a) Engage in the business of a real estate broker or real estate salesperson licensed under article 25 of the occupational code, 1980 PA 299, MCL 339.2501 to 339.2518.
Terms Used In Michigan Laws 487.2067
- Control person: means a director or executive officer of a licensee or a person who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee. See Michigan Laws 487.2052
- Licensee: means a person that is licensed under this act. See Michigan Laws 487.2052
- Person: means an individual, corporation, partnership, association, limited liability company, or any other legal entity. See Michigan Laws 487.2052
(b) Engage in the business of a pawnbroker licensed under 1917 PA 273, MCL 446.201 to 446.219.
(c) Engage in the business of a debt management company licensed under the debt management act, 1975 PA 148, MCL 451.411 to 451.437.
(d) Entering into a tying arrangement through which the licensee conditions the sale of 1 financial service to a consumer on the agreement by the consumer to purchase 1 or more other financial services from the licensee, an affiliate, or subsidiary of the licensee.
(e) Knowingly permit a person to violate an order that has been issued under this act or any other financial licensing act that prohibits that person from being employed by, an agent of, or a control person of the licensee.