Michigan § 487.1813 - Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section.
Full text of Michigan Michigan Compiled Laws § 487.1813 — Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section., with citation guidance and answers to common questions.
§ 487.1813. Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section.
A licensee shall not provide, directly or indirectly, financing assistance to a business firm to which an associate of that licensee provides financing assistance, either contemporaneously with, or within 1 year before or after, the providing of financing assistance by the licensee, if the terms on which the licensee provides financing assistance are less favorable to the licensee than the terms on which the associate provides financing assistance to the business firm. If the financing assistance provided by the associate of the licensee is of a different kind from the financing assistance provided by the licensee, the burden shall be on the licensee to prove that the terms on which the licensee provided financing assistance were at least as favorable to the licensee as the terms on which the associate provided financing assistance to the business firm.
This section does not apply to any of the following:
If the associate is a controlling person of the licensee and is also the only owner of the licensee.
If the associate is a subsidiary of the licensee.
A transaction effected by an associate of a licensee in the normal course of that associate's business involving a line of credit or short-term financing assistance.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.1813
What does Michigan Compiled Laws § 487.1813 cover?
Section 487.1813 ("Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section.") 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 § 487.1813?
A common citation format is "Michigan Compiled Laws § 487.1813" (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 § 487.1813 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.