Michigan § 493.1 - Short title; definitions.
Full text of Michigan Michigan Compiled Laws § 493.1 — Short title; definitions., with citation guidance and answers to common questions.
§ 493.1. Short title; definitions.
This act shall be known and may be cited as the "regulatory loan act".
As used in this act:
"Advertising" means publishing or broadcasting, or causing to be published or broadcast, material that has been prepared for public distribution by means of newspapers, magazines, or electronic media. Advertising does not include a stockholder communication, such as an annual report, interim financial report, registration statement, security, prospectus, application for listing a security on a stock exchange, or proxy materials. Advertising does not include a communication addressed to a person who has previously executed a loan agreement relative to that person's account.
"Assets" means liquid assets, collectible loans made in accordance with this act, and personal property acquired in the general conduct of business transacted under this act.
"Commissioner" means the commissioner of the office of financial and insurance services in the department of consumer and industry services.
"Control person" means a director or executive officer of a licensee or a person who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee.
"Executive officer" means an officer, member, or partner of a licensee, including chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position.
"Financial licensing act" means any act listed in section 2 of the consumer financial services act, 1988 PA 161, MCL 487.2052.
"License" means a single license issued to a single place of business.
"Licensee" means a person licensed or required to be licensed under this act.
"Liquid assets" means cash, unrestricted deposits in banks, and readily marketable securities at their then market value.
"Loan" or "regulatory loan" means a loan made by a licensee to an individual for personal, family, or household use.
"Person" means an individual, partnership, association, corporation, limited liability company, or other legal entity.
Frequently Asked Questions About Michigan § 493.1
What does Michigan Compiled Laws § 493.1 cover?
Section 493.1 ("Short title; definitions.") 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 § 493.1?
A common citation format is "Michigan Compiled Laws § 493.1" (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 § 493.1 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.