Section 493.9g - Violation of order; exceptions. - Michigan Statutes

REGULATORY LOAN ACT (EXCERPT)
Act 21 of 1939

493.9g Violation of order; exceptions.

Sec. 9g.

A control person who is subject to an order issued under section 9c 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 393, Imd. Eff. May 30, 2002