Michigan § 493.64e Violation of order; exceptions.

Michigan Statutes

§ 493.64e — Violation of order; exceptions.

Michigan § 493.64e

Ch. 493REGULATORY LOANS

Act 125 of 1981THE SECONDARY MORTGAGE LOAN ACT (493.51-493.81)

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Bluebook

Mich. Comp. Laws § 493.64e (2026).

Text

THE SECONDARY MORTGAGE LOAN ACT (EXCERPT) Act 125 of 1981 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.

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THE SECONDARY MORTGAGE LOAN ACT (EXCERPT) Act 125 of 1981 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.