Michigan Laws 339.917 – Conduct of licensee subject to penalties
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Terms Used In Michigan Laws 339.917
- debt: means an obligation or alleged obligation for the payment of money or thing of value arising out of an expressed or implied agreement or contract for a purchase made primarily for personal, family, or household purposes. See Michigan Laws 339.901
- 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.
- 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
A licensee that commits 1 or more of the following is subject to the penalties described in article 6:
(a) Cancellation of a surety bond.
(b) Failure to notify the director of any changes in corporate or partnership structure under section 906.
(c) Failure to apply for a separate license for each place of business under section 904.
(d) Commencing operation before issuance of a license under section 904.
(e) Operation before the renewal of an expired license.
(f) Failure to preserve and make accessible books, accounts, and records under section 910(2).
(g) Failure to submit an annual report under section 910(3).
(h) Failure to file a sworn financial report when required by the director under section 910(4).
(i) Failure to allow an audit of books, accounts, and records when determined necessary by the director under section 910(5).
(j) Failure to pay the expenses of an audit conducted by the department under section 910(7), if the licensee is not located in this state.
(k) Violation of any federal or state act relating to debt collection.