Michigan § 487.2137 - License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.
Full text of Michigan Michigan Compiled Laws § 487.2137 — License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined., with citation guidance and answers to common questions.
§ 487.2137. License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.
(1) A license issued under this article is not transferable or assignable.
(2) The prior written approval of the commissioner is required for the continued operation of a licensee if there is a change in control of that licensee. The commissioner may require information considered necessary to determine whether a new application is required. The person that requests the approval shall pay the cost incurred by the commissioner in investigating the change of control request.
(3) A licensee shall do all of the following:
(a) At least 15 days before providing deferred presentment service transactions at any new location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the new location or the detailed description required in section 13(1)(c).
(b) At least 15 days before discontinuing deferred presentment service transactions at any existing location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the discontinued location or the detailed description of the services required in section 13(1)(c).
(4) A licensee shall comply with any request for information or documentation made by the commissioner under this act and shall comply with any reasonable written time deadlines imposed by the commissioner on that request.
(5) As used in this section, "control" means 1 of the following:
(a) For a corporation, direct or indirect ownership of, or the right to control, 10% or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy.
(b) For any entity other than a corporation, the ability to change the principals of the organization, whether active or passive.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.2137
What does Michigan Compiled Laws § 487.2137 cover?
Section 487.2137 ("License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 487.2137?
A common citation format is "Michigan Compiled Laws § 487.2137" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 487.2137 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.