Michigan § 500.4745 - Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.
Full text of Michigan Michigan Compiled Laws § 500.4745 — Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority., with citation guidance and answers to common questions.
§ 500.4745. Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.
(1) A contested case brought by a third party based on a decision of the commissioner pursuant to this chapter is governed by applicable law of this state except that the third party shall do all of the following:
(a) Prove its case in accordance with the applicable rules of evidence.
(b) Demonstrate irreparable harm to the SPFC or its counterparty, or both.
(c) Show that there is no other adequate remedy at law.
(d) Post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders so long as it is not less than 15% of the total amount of the securitized transaction.
(2) The commissioner may suspend, revoke, or modify a limited certificate of authority issued to an SPFC or an order made in connection with a limited certificate of authority issued to an SPFC in compliance with the standards and criteria provided in subsection (1) or in conformance with section 4735(2).
Frequently Asked Questions About Michigan § 500.4745
What does Michigan Compiled Laws § 500.4745 cover?
Section 500.4745 ("Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.") 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 § 500.4745?
A common citation format is "Michigan Compiled Laws § 500.4745" (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 § 500.4745 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.