Michigan Laws 493.1 – Short title; definitions
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(1) This act shall be known and may be cited as the “regulatory loan act”.
(2) As used in this act:
Terms Used In Michigan Laws 493.1
- Advertising: means publishing or broadcasting, or causing to be published or broadcast, material that has been prepared for public distribution by means of newspapers, magazines, or electronic media. See Michigan Laws 493.1
- Commissioner: means the commissioner of the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 493.1
- 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.
- Executive officer: means an officer, member, or partner of a licensee, including chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position. See Michigan Laws 493.1
- License: means a single license issued to a single place of business. See Michigan Laws 493.1
- Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.1
- 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, partnership, association, corporation, limited liability company, or other legal entity. See Michigan Laws 493.1
- Personal property: All property that is not real property.
(a) “Advertising” means publishing or broadcasting, or causing to be published or broadcast, material that has been prepared for public distribution by means of newspapers, magazines, or electronic media. Advertising does not include a stockholder communication, such as an annual report, interim financial report, registration statement, security, prospectus, application for listing a security on a stock exchange, or proxy materials. Advertising does not include a communication addressed to a person who has previously executed a loan agreement relative to that person’s account.
(b) “Assets” means liquid assets, collectible loans made in accordance with this act, and personal property acquired in the general conduct of business transacted under this act.
(c) “Commissioner” means the commissioner of the office of financial and insurance services in the department of consumer and industry services.
(d) “Control person” means a director or executive officer of a licensee 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.
(e) “Executive officer” means an officer, member, or partner of a licensee, including chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position.
(f) “Financial licensing act” means any act listed in section 2 of the consumer financial services act, 1988 PA 161, MCL 487.2052.
(g) “License” means a single license issued to a single place of business.
(h) “Licensee” means a person licensed or required to be licensed under this act.
(i) “Liquid assets” means cash, unrestricted deposits in banks, and readily marketable securities at their then market value.
(j) “Loan” or “regulatory loan” means a loan made by a licensee to an individual for personal, family, or household use.
(k) “Person” means an individual, partnership, association, corporation, limited liability company, or other legal entity.