493.64e Violation of order; exceptions. Sec. 14e. A control person who is subject to an order issued under section 14a and who meets all of the following requirements is not in violation of the order: (a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or registrant after the date the order is issued. (b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee or registrant to an unrelated third party. History: Add. 2002, Act 392, Imd. Eff. May 30, 2002 Popular Name: Secondary Mortgage Loan Act
Michigan Legal Code