State Codes and Statutes
Statutes > Michigan > Chapter-487 > Act-161-of-1988 > Section-487-2060fCONSUMER FINANCIAL SERVICES ACT (EXCERPT)
Act 161 of 1988
487.2060f Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Sec. 10f.
(1) As provided in section 10(4), the commissioner may investigate or conduct an examination of any person and conduct hearings as the commissioner considers necessary to determine whether a licensee or any other person has violated this act, or whether a licensee has conducted business in a manner that would justify suspension or revocation of its license.
(2) Upon the filing of a complaint or the taking of action against a licensee under section 10(7), the commissioner may issue and serve upon a licensee an order suspending that person's license. The order shall be supported by an affidavit from a person familiar with the facts set forth in the affidavit and shall contain information that an imminent threat of financial loss or threat to the public welfare exists.
(3) Upon service of the order under subsection (2), the licensee shall have 20 days to file with the commissioner a request for a hearing. The hearing shall be scheduled within 20 days of the receipt of a request filed under this subsection.
(4) A suspension of a license under this section shall continue until the commissioner finds that the threat of financial loss or threat to the public welfare no longer exists.
History: Add. 2002, Act 390, Imd. Eff. May 30, 2002
