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Code · Michigan · Chapter 487 — Financial Institutions

487.1513 Lien on or security interest in property of licensee.

62 words·~1 min read·/mi/chapter-487/487-1513

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487.1513 Lien on or security interest in property of licensee.
Sec. 513.
Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, another person.
History: 1986, Act 89, Imd. Eff. May 1, 1986
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