State Codes and Statutes
Statutes > Michigan > Chapter-487 > Act-161-of-1988 > Section-487-2060kCONSUMER FINANCIAL SERVICES ACT (EXCERPT)
Act 161 of 1988
487.2060k Violation of order; exceptions.
Sec. 10k.
A control person who is subject to an order issued under section 10g(6) 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 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 to an unrelated third party.
History: Add. 2002, Act 390, Imd. Eff. May 30, 2002
