Mich. Comp. Laws § 493.64e
Violation of order; exceptions.
Michigan · Michigan Compiled Laws — THE SECONDARY MORTGAGE LOAN ACT (Act 125 of 1981) · Status: effective
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- Mich. Comp. Laws § 493.64e, Violation of order; exceptions, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1367029
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Full text
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.