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Code · Michigan · Chapter 493 — Regulatory Loans

493.64e Violation of order; exceptions.

112 words·~1 min read·/mi/chapter-493/493-64e

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493.64e Violation of order; exceptions.
Sec. 14e.
A control person who is subject to an order issued under section 14a and who meets all of the following requirements is not in violation of the order:
(a)The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or registrant after the date the order is issued.
(b)The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee or registrant to an unrelated third party.
History: Add. 2002, Act 392 , Imd. Eff. May 30, 2002
Popular Name: Secondary Mortgage Loan Act
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