Michigan § 487.1024 - Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.
Full text of Michigan Michigan Compiled Laws § 487.1024 — Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination., with citation guidance and answers to common questions.
§ 487.1024. Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.
(1) If there is a proposed change of control of a licensee, the licensee shall do all of the following:
(a) Give the commissioner written notice of a proposed change of control 30 days or more before the proposed change of control.
(b) Request approval of the proposed change of control.
(c) Pay a nonrefundable fee with the notice, in an amount prescribed by the commissioner.
(2) After review of a request for approval under subsection (1), the commissioner may require the licensee to provide additional information concerning each proposed control person of the licensee. However, the commissioner shall only require that the licensee provide additional information of the same type required of the licensee or any control person of the licensee as part of the licensee's original license or renewal application.
(3) The commissioner shall approve a request for change of control under subsection (1) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the experience, character, and general fitness to operate the licensee in a lawful and proper manner.
(4) Subsection (1) does not apply to a public offering of securities.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.1024
What does Michigan Compiled Laws § 487.1024 cover?
Section 487.1024 ("Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.") 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 § 487.1024?
A common citation format is "Michigan Compiled Laws § 487.1024" (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 § 487.1024 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.