Michigan § 493.14 Licensee; duties.

Michigan Statutes

§ 493.14 — Licensee; duties.

Michigan § 493.14

Ch. 493REGULATORY LOANS

Act 21 of 1939REGULATORY LOAN ACT (493.1-493.26)

This text of Michigan § 493.14 (Licensee; duties.) 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 § 493.14 (2026).

Text

REGULATORY LOAN ACT (EXCERPT) Act 21 of 1939 493.14 Licensee; duties. Sec. 14. A licensee shall:

(a)Deliver to the borrower a disclosure statement in compliance with 12 C.F.R. part 226.

(b)Give to the borrower a plain and complete receipt for cash payments made on account of a loan at the time the payments are made, specifying the amount applied to charges and the amount, if any, applied to principal, and stating the unpaid principal balance of the loan. An unitemized receipt may be given temporarily and within 30 days a receipt as prescribed above delivered or mailed.

(c)Permit payment to be made in advance in any amount on any contract of loan at any time during regular business hours, but the licensee may apply that payment first to all charges in full at the agreed rate up to the da

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REGULATORY LOAN ACT (EXCERPT) Act 21 of 1939 493.14 Licensee; duties. Sec. 14. A licensee shall: (a) Deliver to the borrower a disclosure statement in compliance with 12 C.F.R. part 226. (b) Give to the borrower a plain and complete receipt for cash payments made on account of a loan at the time the payments are made, specifying the amount applied to charges and the amount, if any, applied to principal, and stating the unpaid principal balance of the loan. An unitemized receipt may be given temporarily and within 30 days a receipt as prescribed above delivered or mailed. (c) Permit payment to be made in advance in any amount on any contract of loan at any time during regular business hours, but the licensee may apply that payment first to all charges in full at the agreed rate up to the date of the payment. (d) Upon repayment of the loan in full, mark plainly every obligation and security signed by the borrower with the word "Paid" or "Canceled", and release any mortgage, restore any pledge, cancel and return any note, and cancel and return any assignment given to the licensee by the borrower.

Legislative History

1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.14 ;-- Am. 1963, Act 103, Eff. Sept. 6, 1963 ;-- Am. 1978, Act 528, Eff. Mar. 30, 1979 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 2001, Act 270 , Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and 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.