{"data":{"id":"us-mi/mich.-comp.-laws-487.1102","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.1102","heading":"Purposes of act.","body":"Sec. 102.\n\nThe purposes of this act are all of the following:\n\nPromote economic development by encouraging the formation of business and industrial development companies, a new type of private institution, and to help meet the financing assistance and management assistance needs of business firms in this state.\n\nProvide for a system of licensing, regulation, and enforcement that will enable business and industrial development companies to satisfy eligibility requirements to participate, if they so choose, in the program of the small business administration under section 7(a) of the small business act, Public Law 85-536, 15 U.S.C. 636, and other programs for which they may be eligible.\n\nProvide for a system of licensing, regulation, and enforcement designed to prevent fraud, conflict of interest, and mismanagement and to promote competent management, accurate record keeping, and appropriate communication with owners; in order to provide both of the following:\n\nComfort to prospective owners so as to facilitate equity investments in business and industrial development companies.\n\nComfort to prospective debt sources so as to facilitate the borrowing of money by business and industrial development companies.\n\nSafeguard the general reputation of business and industrial development companies as a type of institution in order to increase the confidence of prospective equity investors in and prospective debt sources for those institutions.\n\nEliminate unnecessary restrictions that have discouraged the formation of business development corporations under former 1963 PA 117, by repealing that act and substituting a more flexible regulatory framework.","path":["MI Code","Chapter 487","Act Act-89-of-1986"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-1102","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"1c337f9fff6f768e51aeb0048b3915181e1aa0fb34e97957b2d792fb6c409681","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.1101","next":"us-mi/mich.-comp.-laws-487.1103"},"notice":"GroundRules: Original legal text. Not legal advice."}