This text of Michigan § 554.969 (Order denying, suspending, or revoking registration.) 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.
CONTINUING CARE COMMUNITY DISCLOSURE ACT (EXCERPT) Act 448 of 2014 554.969 Order denying, suspending, or revoking registration. Sec. 69.
(1)The department may issue an order denying, suspending, or revoking a registration if it finds that the order is in the public interest and finds 1 or more of the following:
(a)The application for registration or the registration statement in effect is not complete in a material respect or contains a statement that was, in the light of the circumstances under which it was made, false or misleading with respect to a material fact.
(b)The registrant or applicant, or its agent or employee, has violated this act or a rule promulgated or order issued under this act.
(c)The offer and sale of a continuing care agreement is not fair, just, and equitable or
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CONTINUING CARE COMMUNITY DISCLOSURE ACT (EXCERPT) Act 448 of 2014 554.969 Order denying, suspending, or revoking registration. Sec. 69. (1) The department may issue an order denying, suspending, or revoking a registration if it finds that the order is in the public interest and finds 1 or more of the following: (a) The application for registration or the registration statement in effect is not complete in a material respect or contains a statement that was, in the light of the circumstances under which it was made, false or misleading with respect to a material fact. (b) The registrant or applicant, or its agent or employee, has violated this act or a rule promulgated or order issued under this act. (c) The offer and sale of a continuing care agreement is not fair, just, and equitable or has worked or tended to work a fraud or imposition or would so operate, or the terms of the offering would create an unreasonable risk to members as defined by rules. (d) The registrant's or applicant's method of business includes or would include activities that are illegal where performed. (e) A person identified in the application is described in section 19(1)(f)(i) or (ii) as a result of an act or omission involving the illegal offering of a continuing care agreement, franchise, or security and the department determines that the involvement of the person in the sale of leases or management of the continuing care community creates an unreasonable risk to members. (f) The registrant or applicant is the subject of a permanent or temporary injunction entered under a federal or state act, and the injunction is applicable to the offer and sale of a continuing care agreement. (g) The registrant or applicant has failed to pay the proper fee required by, or fine imposed under, this act. (h) The registrant has failed to submit an application for renewal of a registration as required under section 25. (2) Before issuing an order under subsection (1) or section 45(3), the department shall notify the registrant or applicant by registered or certified mail. The notice shall include the proposed order, the reasons for the proposed order, and a statement that, if a hearing is requested in writing within 15 days after issuance of the notice of intent, a hearing will be conducted on the matter within 45 days after the receipt of the request, unless the registrant or applicant consents to a later date. If a hearing is not timely requested by the continuing care community and is not ordered by the department, the department shall issue an order under subsection (1). The order shall remain in effect until it is modified or vacated by the department. If a hearing is timely requested or ordered, the department, after notice and an evidentiary hearing pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, may enter an order under subsection (1), or find that a violation or other condition under which entry of an order is authorized has not occurred. (3) The department may vacate or modify an order under this section if it finds that the conditions on which it was based have changed or that it is otherwise in the public interest to do so.