State License Search - Regulatory Loan License

Regulatory Loan License

The Office of Financial and Insurance Regulation issues regulatory loan licenses to persons making loans to an individual for personal, family, or household use.

A. NAME OF PERMIT OR APPROVAL:

Regulatory Loan License

B. STATUTORY AUTHORITY:

Regulatory Loan Act, Public Act 21 of 1939, as amended, (MCL 493.1 et seq).

Related Codes and Acts

Credit Reform Act

C. APPLICABLE REGULATION:

Rules Administered by the Office of Financial and Insurance Regulation

Regulatory Loan Licensees, (R 493.1 - 493.95)

Consumer Finance Bulletins

Bulletin 2008-02-CF
Bulletin 2006-06-CF

D. SUMMARY OF PERMIT/APPROVAL PROCESS:

1. Applicability (activities that require the permit)

Anyone conducting the activity stated above except any person doing business under and as permitted by any law of Michigan or of the United States relating to banks, savings banks, industrial banks, trust companies, building and loan associations, or credit unions, nor to any business transacted under any pawnbroker's license.

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.