(1) A dealer or an agent or employee of a dealer who knowingly fails to make an entry of any material matter in his or her records kept as required by section 4 is guilty of a misdemeanor, punishable by imprisonment for not more than 1 year, or a fine of $1,000.00, or both.
  (2) A dealer or an agent or employee of a dealer who knowingly violates subsection (1) a subsequent time is guilty of a felony, punishable by imprisonment for not more than 2 years, or a fine of $5,000.00, or both.

Attorney's Note

Under the Michigan Laws, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Hup to 2 years
For details, see Mich. Comp. Laws ch. 777 pt. 2

Terms Used In Michigan Laws 445.487

  • Agent or employee: means a person who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer. See Michigan Laws 445.482
  • Dealer: means any person, corporation, partnership, or association, which, in whole or in part, engages in the ordinary course of repeated and recurrent transactions of buying or receiving precious items from the public within this state. See Michigan Laws 445.482