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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:
- 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).
- Only brokering and lending
under The Secondary Mortgage Loan Act, Public
Act 125 of 1981, as amended, (MCL 445.493.51 et
seq).
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/
3.
Application Submission Requirements
FIS 1098
FIS 2050
FIS 2051
FIS 2053
FIS 2054
4.
Procedures and Time-Frame for Obtaining Approval
60-120 days
5.
Operational Requirements
Annual Filings
Amendment Filing for Name and Address Changes
Transfer Filing for Ownership Changes
6.
Fees
Fee Schedule
7.
Appeal Process
Denial of a Consumer Financial Services Class
I or Class II License
8.
Public Input Opportunities
How to File a Complaint
E. Contact Information:
Contact
Us
Creation/Revision Date:
October
6, 2010
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