People ex rel. Attorney General v. Fairfax Family Fund, Inc.

The State of Michigan has an act which was amended by 1971 PA 168, effective March 30, 1972.1 The act concerns the licensing and regulation of the small loan business.

It is a long and detailed statute. It provides for specified places of business in the nature of physical structures in Michigan,2 the amount of reserve to be maintained at each,3 the nature of the assets required,4 and the rate of interest to the charged.5 *307It requires a pre-licensure investigation6 and a fee of $150 to finance it.7 It requires annual licensing at a fee of $250.8 It may very well be that it is a perfectly valid…