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Form a Business

False statement or unauthorized use of proceeds; violation as felony; penalty.

MCL 388.1937
in effect
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388.1937. False statement or unauthorized use of proceeds; violation as felony; penalty. Sec. 17. A person who knowingly makes a false statement or conceals material information for the purpose of obtaining qualification of a bond issue under this act or for the purpose of obtaining a qualified loan under this act, or who knowingly uses all or part of the proceeds of a qualified loan obtained under this act for any purpose not authorized by this act, is guilty of a felony punishable by imprisonment for not more than 4 years or a fine of not more than $5,000.00, or both. 2005, Act 92, Imd. Eff. July 20, 2005
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-388-1937Fetched: 10/20/2026

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