Michigan Laws 493.63 – Duration of license or registration; reinstatement of suspended license or registration; issuing new license or registration; consent required for transfer or assignment; requirements for transfe
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Terms Used In Michigan Laws 493.63
- Commissioner: means the commissioner of the office of financial and insurance regulation of the department of energy, labor, and economic growth or his or her authorized representatives. See Michigan Laws 493.51
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.51
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
(1) A license or registration remains in force until the date of expiration or until surrendered, revoked, or suspended under this act. The commissioner may reinstate a suspended license or registration or issue a new license or registration to a licensee or registrant whose license or registration has been revoked if the conditions under which the license or registration was revoked have been corrected and the commissioner is satisfied, as the result of an investigation, that the conditions are not likely to recur.
(2) A person shall not transfer or assign a license or registration without the consent of the commissioner. The sale, transfer, assignment, or conveyance of more than 25% of the outstanding voting stock of a licensee or registrant that is a corporation, or more than 25% of the interest in a licensee or registrant that is a limited liability company or partnership or other unincorporated legal entity is considered a transfer of a license or registration for purposes of this subsection.