Bill Text: MI SB0430 | 2017-2018 | 99th Legislature | Introduced
Bill Title: Financial institutions; other; definition of financial licensing acts in consumer financial services act; revise. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: SB 0431'17
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-06-06 - Referred To Committee On Banking And Financial Institutions [SB0430 Detail]
Download: Michigan-2017-SB0430-Introduced.html
SENATE BILL No. 430
June 6, 2017, Introduced by Senators GREGORY, JOHNSON, BIEDA and ROBERTSON and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1988 PA 161, entitled
"Consumer financial services act,"
by amending section 2 (MCL 487.2052), as amended by 2006 PA 252.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act:
(a) "Applicant" means a person that has applied to the
commissioner
to be licensed director for a
license under this act.
(b)
"Bureau" or
"department" means the office
of financial and
insurance
services of the department of labor and economic
growth.department of insurance and financial
services.
(c)
"Business activity" means any activity regulated by under
any of the financial licensing acts.
(d) "Class I license" means a license issued under this act
that authorizes the licensee to engage in all of the activities
permitted under any of the financial licensing acts.
(e) "Class II license" means a license issued under this act
that authorizes all of the activities permitted under a class I
license
except for activities permitted under the sale of checks
act,
1960 PA 136, MCL 487.901 to 487.916, loan
servicing activities
under the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to
493.81, or activities permitted under the money transmission
services act, 2006 PA 250, MCL 487.1001 to 487.1047, or the
mortgage brokers, lenders, and servicers licensing act, 1987 PA
173, MCL 445.1651 to 445.1684.
(f)
"Commissioner" or
"director" means the commissioner
of the
office
of financial and insurance services or an director of the
department
or his or her authorized representative. of
the
commissioner.
(g) "Control person" means a director or executive officer of
a
licensee or a person who that
has the authority to participate in
the direction, directly or indirectly through 1 or more other
persons, of the management or policies of a licensee.
(h) "Depository financial institution" means a bank, savings
and loan association, savings bank, or credit union organized under
the laws of this state, another state, the District of Columbia,
the United States, or a territory or protectorate of the United
States, whose deposits are insured by an agency of the federal
government.
(i) "Executive officer" means an officer, member, or partner
of a licensee, including chief executive officer, president, vice
president, chief financial officer, controller, compliance officer,
or any other similar position.
(j) "Financial licensing acts" means this act; the regulatory
loan act, 1939 PA 21, MCL 493.1 to 493.24; the small loan
regulatory act; the secondary mortgage loan act, 1981 PA 125, MCL
493.51 to 493.81; the motor vehicle sales finance act, 1950 (Ex
Sess) PA 27, MCL 492.101 to 492.141; 1984 PA 379, MCL 493.101 to
493.114;
the sale of checks act, 1960 PA 136, MCL 487.901 to
487.916;
the money transmission services
act, 2006 PA 250, MCL
487.1001
to 487.1048; 487.1047; and the mortgage brokers, lenders,
and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684.
(k) "Licensee" means a person that is licensed under this act.
(l) "Loan servicing activities" means the collection or
remittance for a lender, noteowner, noteholder, or the licensee's
own account of 4 or more installment payments of the principal,
interest, or an amount placed in escrow under a mortgage servicing
agreement or a mortgage loan subject to the mortgage brokers,
lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to
445.1684, or a mortgage servicing agreement or secondary mortgage
loan subject to the secondary mortgage loan act, 1981 PA 125, MCL
493.51 to 493.81, or an agreement with the mortgagor.
(m) "Person" means an individual, corporation, partnership,
association, limited liability company, or any other legal entity.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No. 431
of the 99th Legislature is enacted into law.
