Michigan § 451.427 Examination of licensee.

Michigan Statutes

§ 451.427 — Examination of licensee.

Michigan § 451.427

Ch. 451SECURITIES, REAL ESTATE, AND DEBT MANAGEMENT

Act 148 of 1975DEBT MANAGEMENT ACT (451.411-451.437)

This text of Michigan § 451.427 (Examination of licensee.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 451.427 (2026).

Text

DEBT MANAGEMENT ACT (EXCERPT) Act 148 of 1975 451.427 Examination of licensee. Sec.

17.The department may examine, without notice, the condition and affairs of a licensee. In connection with an examination, the department may examine under oath a licensee and any director, officer, employee, customer, creditor, manager, member, partner, or stockholder of a licensee concerning the affairs and business of the licensee. The department shall ascertain whether the licensee transacts its business in the manner required under this act and the rules promulgated under this act. The licensee shall pay an examination fee, in an amount equal to the actual cost of the examination as determined by the department, and the department shall deposit that fee in the state treasury to the credit of the depar

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DEBT MANAGEMENT ACT (EXCERPT) Act 148 of 1975 451.427 Examination of licensee. Sec. 17. The department may examine, without notice, the condition and affairs of a licensee. In connection with an examination, the department may examine under oath a licensee and any director, officer, employee, customer, creditor, manager, member, partner, or stockholder of a licensee concerning the affairs and business of the licensee. The department shall ascertain whether the licensee transacts its business in the manner required under this act and the rules promulgated under this act. The licensee shall pay an examination fee, in an amount equal to the actual cost of the examination as determined by the department, and the department shall deposit that fee in the state treasury to the credit of the department. Failure to pay the examination fee within 30 days after receiving a demand for payment from the department shall automatically suspend the license of the licensee until the fee is paid.

Legislative History

1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2000, Act 255 , Imd. Eff. June 29, 2000 ;-- Am. 2014, Act 362 , Eff. Mar. 16, 2015 Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.