Act 89 of 1986 - MICHIGAN BIDCO ACT (487.1101 - 487.2001)
- 89-1986-1 - ARTICLE 1 SHORT TITLE, PURPOSES, AND DEFINITIONS (487.1101...487.1106)
- 89-1986-10 - ARTICLE 10 REPEAL (487.2001...487.2001)
- 89-1986-2 - ARTICLE 2 REGULATION, REPORTING, AND EXAMINATION (487.1201...487.1217)
- Section 487.1201 - Administration of act; orders; rules; imposition of conditions; applications for declaratory rulings; judicial review.
- Section 487.1203 - Form and contents of application.
- Section 487.1205 - Investigations; purposes; oaths and affirmations; witnesses; evidence; documents or records; failure to comply with subpoena.
- Section 487.1207 - Service of process.
- Section 487.1209 - Establishment of annual schedule of fees; payment; action for recovery of fees or penalties; failure to submit report; disposition.
- Section 487.1211 - Books, accounts, and other records of licensee; location and preservation; valuation of assets; audit report.
- Section 487.1213 - Making or keeping of books, accounts, or other records by person other than licensee; applicability of act; approval of commissioner.
- Section 487.1215 - Filing reports with commissioner; form; contents.
- Section 487.1216 - Publication and distribution of information on impact of act.
- Section 487.1217 - Examination of licensee or subsidiary of licensee; exhibiting books, accounts, and other records; facilitating examination; retention of person to assist commissioner.
- 89-1986-3 - ARTICLE 3 LICENSING (487.1301...487.1317)
- Section 487.1301 - Application for licensure for BIDCO.
- Section 487.1303 - Review of information; approval of application for license; determinations; minimum net worth; findings; grounds.
- Section 487.1305 - Application for preliminary approval of application for license; order; conditions to final approval; fee.
- Section 487.1307 - Denial of application; written statement of explanation.
- Section 487.1309 - License; issuance; posting; nontransferable and nonassignable.
- Section 487.1311 - Prohibited representations; permissible acts.
- Section 487.1313 - Misrepresentation of license.
- Section 487.1315 - Michigan corporation or limited liability company licensed under another law.
- Section 487.1317 - Application to commissioner to accept surrender of license; approval; notice to owners and creditors; filing objection; sending copy of objection to commissioner.
- 89-1986-4 - ARTICLE 4 CORPORATE MATTERS (487.1401...487.1407)
- Section 487.1401 - Name of licensee.
- Section 487.1403 - Board of directors; number of directors; meetings.
- Section 487.1405 - Death, resignation, or removal of director, officer, or manager; election of director; appointment of officer or manager; notice to commissioner; additional information.
- Section 487.1407 - Dividend and distribution policies; buying back share of stock or membership interest.
- 89-1986-5 - ARTICLE 5 TRANSACTION OF BUSINESS (487.1501...487.1513)
- Section 487.1501 - Offices of licensee; number; location; posting sign bearing corporate name; personnel; establishing, relocating, or closing office.
- Section 487.1503 - Business of licensee; powers and privileges of licensee.
- Section 487.1505 - Forms, terms, and conditions of financing assistance; participation in program of small business administration; compliance; scope of management assistance; purpose of financing ass
- Section 487.1507 - Holding control of business firm; order approving or denying application; “hold control” defined; plan for acquiring and holding control of business firm; demonstrating necessity to
- Section 487.1509 - Transacting business in safe and sound manner; considering risks; authority of commissioner not limited.
- Section 487.1511 - Definitions; transactions involving potential conflict of interest; authority of commissioner to determine conflict of interest not limited.
- Section 487.1513 - Lien on or security interest in property of licensee.
- 89-1986-6 - ARTICLE 6 MERGERS AND ACQUISITIONS (487.1601...487.1603)
- Section 487.1601 - Acquiring control of licensee; application for approval; determinations by commissioner.
- Section 487.1603 - Merger of licensee with another business firm; conditions; purchase by licensee of business of another person; sale of business; application for approval of merger, purchase, or sal
- 89-1986-7 - ARTICLE 7 ENFORCEMENT (487.1701...487.1719)
- Section 487.1701 - Action to enjoin violation or enforce compliance; restraining order, preliminary or permanent injunction, or writ of mandamus; appointment of receiver or conservator; bond.
- Section 487.1703 - Violation of MCL 487.1311; cease and desist order; filing application for hearing on order; rescission of order; judicial review.
- Section 487.1705 - Cease and desist order; affirmative action to correct condition; application for hearing on order; affirming, modifying, or rescinding order; judicial review.
- Section 487.1707 - Order removing subject person from office and prohibiting further participation in business of licensee; notice and hearing; determinations; order suspending subject person from off
- Section 487.1709 - Crime involving dishonesty or breach of trust; order suspending subject person from office and prohibiting further participation in business of licensee; application for hearing on
- Section 487.1711 - Disclosure to owners.
- Section 487.1713 - Calling meeting of board of directors of licensee or of owners of licensee; notice; expenses.
- Section 487.1715 - Order directing licensee to refrain from providing additional financing assistance to business firms; notice and hearing; determinations; request for hearing; affirming, modifying,
- Section 487.1717 - Appointment of conservator for licensee; reimbursement of expenses of conservatorship; powers and duties of conservator; liquidation of licensee; appointment of receiver; determinat
- Section 487.1719 - Violation of act; amount and disposition of civil penalty; applicability of section; provisions cumulative; liability for certain violations.
- 89-1986-8 - ARTICLE 8 CERTAIN UNLAWFUL ACTIVITIES (487.1801...487.1819)
- Section 487.1801 - Definitions.
- Section 487.1803 - Willful untrue statement or omission of material fact in application or report.
- Section 487.1805 - Willful refusal to allow inspection or making copies of books, accounts, and other records.
- Section 487.1807 - Books, accounts, or other records; false entries; omission of required entry; alteration, concealment, or destruction.
- Section 487.1809 - Financing assistance to associate of licensee.
- Section 487.1811 - Financing assistance to discharge obligation to associate of licensee; transactions to which section inapplicable.
- Section 487.1813 - Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section.
- Section 487.1815 - Compensation of associate of licensee for procuring or influencing licensee's action with respect to providing financing assistance; section inapplicable to fees received for bo
- Section 487.1817 - Exemptions.
- Section 487.1819 - Violation of article; penalty; applicability of section; power of state to punish not limited by act.
- 89-1986-9 - ARTICLE 9 GENERAL PROVISIONS (487.1901...487.1905)