• Prohibitions Issued
The Commissioner of the Office of Financial and Insurance Regulation has authority under the Mortgage Brokers, Lenders, and Servicers Licensing Act; the Secondary Mortgage Loan Act; the Regulatory Loan Act, the Sale of Checks Act, and the Consumer Financial Services Act to prohibit a person who, in the opinion of the Commissioner, has engaged in fraud, from being employed by, an agent of, or control person of a licensee or registrant under one of these statutes, as well as of a licensee under the Motor Vehicle Sales Finance Act and the Credit Card Act.
| • Bank and Credit Union Prohibitions and Removals Issued
The Commissioner of the Office of Financial and Insurance Regulation has the authority under the Michigan Banking Code of 1999 and the Michigan Credit Union Act of 2003 to prohibit or remove a person from further participation in the affairs of a bank or domestic credit union if, in the opinion of the Commissioner, that person has engaged in unsafe or unsound practices or is otherwise unfit to participate in the affairs of the bank or domestic credit union. |
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