LARA Announces Bureau of Commercial Services Name Change to Corporations, Securities, and Commercial Licensing Bureau, Feb. 1Contact:
LARA Communications 517-373-9280Agency:
Licensing and Regulatory Affairs
January 23, 2013 - Department of Licensing and Regulatory Affairs (LARA) Acting Director Steve Arwood today announced that the Bureau of Commercial Services name will be changing to the Corporations, Securities, and Commercial Licensing Bureau (CSCL), effective February 1, 2013.
Gov. Rick Snyder issued Executive Order 2012-13 on September 6, 2012, transferring the Securities Division from the Office of Financial and Insurance Regulation located within LARA, and affording LARA the administrative ability to assign the Securities Division to another agency within the department. The Executive Order took effect 60 days from the date of issue on November 5, 2012.
On November 5, 2012, the Securities Division officially became part of LARA's Bureau of Commercial Services. By changing the name to the Corporations, Securities, and Commercial Licensing Bureau (CSCL), the name will better represent what functions the Bureau provides. The Corporations, Securities, and Commercial Licensing Bureau (CSCL) performs the public facing duties of helping to grow business activity in Michigan through the Corporations Division, and by protecting the health, welfare, and safety of Michigan citizens through regulatory and licensing functions of the Securities, Licensing, and Enforcement divisions. The Bureau includes the following divisions:
- Corporations Division - is charged with promoting economic growth by facilitating the formation and development of business entities in Michigan while ensuring compliance with reporting and registration requirements.
- Securities Division - administers the Michigan Uniform Securities Act and the Living Care Disclosure Act, regulating securities offering, broker-dealers, securities agents, investment advisers, investment adviser representatives and living care facilities. The division is committed to educating and protecting Michigan investors and consumers while fostering efficient capital formation in Michigan.
- Commercial Licensing Division - along with advisory assistance of advisory boards and commissions appointed by the governor, reviews applications, issues licenses, processes renewals, administers continuing education and maintains licensing records for more than 280,000 individuals and businesses regulated by the Bureau.
- Enforcement Division - is responsible for the regulation, investigation and prosecution of consumer complaints filed against licensees for various code and rule violations, as well as fraudulent business practices.
- Regulatory Compliance Division - is responsible for responding to FOIA requests, drafting formal complaints, stipulations, and final orders, scheduling and holding settlement conferences, and houses the cemetery commissioner.
Also, within the Bureau administration are Testing & Education Services, the Audit Section, and centralized bureau functions such as IT, budget, finance, and imaging.
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