Michigan Laws 487.2053 – License required to engage in business activity; exceptions
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(1) A person shall not engage in a business activity unless the person is licensed under the appropriate financial licensing act, or by this act.
(2) This act applies to a person who engages in any business activity if the person is not licensed or, as applicable, registered under the applicable financial licensing act or licensed under this act and is not otherwise exempt from applicable licensing or registration requirements. If a person engages in 1 or more business activities without the applicable licenses or registrations, it shall be discretionary with the commissioner to enforce the applicable licensing or registration requirements under either 1 or more of the financial licensing acts or this act, but not both.
Terms Used In Michigan Laws 487.2053
- Business activity: means any activity regulated by any of the financial licensing acts. 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
- Depository financial institution: means a bank, savings and loan association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States, whose deposits are insured by an agency of the federal government. 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
- Person: means an individual, corporation, partnership, association, limited liability company, or any other legal entity. See Michigan Laws 487.2052
(3) This act does not apply to a depository financial institution.