Licensing Requirements for Lending & Leasing Companies
Statutes
"A person is prohibited from engaging in a business activity regulated by the financial licensing act unless they are licensed. Depositary financial institutions are exempt from the Financial Services Act. MCL § 487.2053.
A person is prohibited from making loans of money, credit, goods, or things and charge, contract for, or receive on the loan with a greater rate of interest, discount, or consideration than the lender would be permitted by law to charge if the lender were not a licensee and without first obtaining a license from the commissioner, or by obtaining a license under the consumer financial services act. MCL § 487.93.2.
Mortgage brokers, mortgage lenders, or mortgage servicers must be licensed under the Mortgage Brokers, Lenders and Servicers Licensing Act. MCL § 445.1652. Exceptions to this rule are listed in MCL § 445.1675.
Foreign banks are required to obtain written approval from the Commissioner of the Office of Financial and Insurance Services in order to operate in Michigan, so long as specified criteria are met. MCL § 487.15101 "
Cases
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The statutory information was edited and reviewed with the support of MultiState