A license authorizes the holder to do something that he or she would not be entitled to do without the license. Licensing may be directed toward revenue raising purposes, or toward regulation of the licensed activity, or both. Statutes frequently require that a person obtain a license before practicing certain professions such as law or medicine, or before carrying on a particular business such as that of a real estate broker or stock broker. If the license is required to protect the public from unqualified persons, an assignment of that license to secure a loan would probably not be enforceable.
Michigan Assignment of Business License as Security for a Loan
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Multi-State
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US-01467BG
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How to fill out Assignment Of Business License As Security For A Loan?
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State laws written by the state Legislature are called ?Michigan Compiled Laws? (MCLs). Search: .legislature.mi.gov/. Example Laws. MCL 257.658 Riding on seat.
For loans where the licensee/registrant acts as the lender, and the loan is transferred or assigned, the MBLSLA requires the licensee/registrant to retain copies of the promissory note, mortgage, land contract, truth-in-lending disclosure statements, and settlement statements for 3 years after the date the mortgage ...
493.71 Interest rate; limitation; computation; prepaid finance charge or fee. Sec. 21. (1) A licensee or registrant may charge, contract for, receive, or collect on a secondary mortgage loan an interest rate not exceeding the interest rate permitted by the credit reform act, 1995 PA 162, MCL 445.1851 to 445.1864.
Any person who uses or divulges any information which he knows or reasonably should know was obtained in violation of sections 539b, 539c or 539d is guilty of a felony, punishable by imprisonment in a state prison not more than 2 years, or by a fine of not more than $2,000.00.
Types of Mortgage Licenses in Michigan Michigan has two major license type categories: Company and Individual.