Michigan Laws 493.64e – Violation of order; exceptions
Current as of: 2024 | Check for updates
|
Other versions
A control person who is subject to an order issued under section 14a and who meets all of the following requirements is not in violation of the order:
(a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or registrant after the date the order is issued.
Terms Used In Michigan Laws 493.64e
- Control person: means a director or executive officer of a licensee or registrant 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 or registrant. See Michigan Laws 493.51
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51
- Person: means an individual, corporation, limited liability company, partnership, association, or other legal entity. 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
(b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee or registrant to an unrelated third party.