Michigan Laws 493.22 – Amendments or repeals of act; impairment of obligation
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Terms Used In Michigan Laws 493.22
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
This act or any part thereof may be modified, amended, or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder, provided that such cancellation or alteration shall not impair or affect the obligation of any pre-existing lawful contract between any licensee and any borrower.