State License Search - Consumer Financial Services Omnibus License

Consumer Financial Services Omnibus License

The Office of Financial and Insurance Regulation issues a consumer financial services class I license to a person who plans on engaging in all of the activities permitted under the following acts:

Credit Card Arrangements Act, Public Act 379 of 1984, as amended, (MCL 493.101 et seq).
Motor Vehicle Sales Finance Act, Public Act 27 of 1950, as amended, (MCL 492.101 et seq).
Regulatory Loan Act, Public Act 21 of 1939, as amended, (MCL 493.1 et seq).
Money Transmission Services Act, Public Act 250 of 2006, as amended, (MCL 487.1001 et seq).
Mortgage Brokers, Lenders, and Servicers Licensing Act, Public Act 173 of 1987, as amended, (MCL 445.1651 et seq).
The Secondary Mortgage Loan Act, Public Act 125 of 1981, as amended, (MCL 445.493.51 et seq).

The Office of Financial and Insurance Regulation issues a consumer financial services class II license to a person who plans on engaging in all of the activities permitted under the following acts:

A. NAME OF PERMIT OR APPROVAL:

Consumer Financial Services Class I License
Consumer Financial Services Class II License

B. STATUTORY AUTHORITY:

Consumer Financial Services Act, Public Act 161 of 1988, as amended, (MCL 487.2051 et seq).

Related Codes and Acts

Consumer Mortgage Protection Act
Credit Reform Act
Mortgage Lending Practices Act
Michigan Lemon Law
Motor Vehicle Service and Repair Act

C. APPLICABLE REGULATION:

Rules Administered by the Office of Financial and Insurance Regulation

Mortgage and Home Lending Practices, (R 445.1001 - 445.1038)
Secondary Mortgage Act, (R 493.101 - 493.120)
Regulatory Loan Licensees, (R 493.1 - 493.95)

Consumer Finance Bulletins

Bulletin 2008-02-CF
Bulletin 2007-10-CF
Bulletin 2007-01-CF
Bulletin 2006-06-CF
Disclosure of Negative Equity on an Installment Sales Contract

D. SUMMARY OF PERMIT/APPROVAL PROCESS:

1. Applicability

Any person conducting the activity stated above. The Consumer Financial Services Act, Public Act 161 of 1988, as amended, does not apply to a depository financial institution.

2. Pre-Application Requirements

Individuals using their personal name on the application do not have pre-application requirements before submitting the application.
Individuals doing business under an assumed name must first file the assumed name with their local county clerk's office before submitting the application.
Legal entities (corporations, limited liability companies, limited partnerships, etc.) must have prior approval from the Michigan Corporation Division to conduct business in Michigan prior to submitting the application.

If the applicant intends on conducting motor vehicle installment seller activity, first obtain a vehicle dealer license from the Michigan Secretary of State.

If the applicant intends on conducting money transmission services provider activity, provide confirmation of filing and acceptance of FinCEN Form 107. Further information is available at http://www.fincen.gov/