Section 451.433 – Cease and Desist Order; Statement; Misdemeanor; Powers of Department; Court Order; Self-Incrimination; Injunction or Restraining Order; Criminal Proceedings.
451.433 Cease and desist order; statement; misdemeanor; powers of department; court order; self-incrimination; injunction or restraining order; criminal proceedings. Sec. 23. (1) When it appears to the department, either upon complaint or otherwise, that this act, or a rule promulgated under this act, has or is about to be violated, it may, in its discretion, […]
Section 451.434 – Violations; Penalties; Jurisdiction; Remedies.
451.434 Violations; penalties; jurisdiction; remedies. Sec. 24. (1) A licensee who violates a provision of this act is guilty of a felony and shall be fined not more than $5,000.00, or imprisoned not more than 2 years, or both. (2) A person who violates an injunction or a cease and desist order issued pursuant to […]
Section 451.435 – Statute of Limitations.
451.435 Statute of limitations. Sec. 25. An action brought pursuant to this act shall be commenced within 6 years after the cause of action accrues, except that chapter 58 of Act No. 236 of the Public Acts of 1961, as amended, being sections 600.5801 to 600.5869 of the Michigan Compiled Laws, shall apply wherever possible. […]
Section 451.436 – Disposition of Fees.
451.436 Disposition of fees. Sec. 26. The fees collected under this act shall be paid promptly into the state treasury to the credit of the department. History: 1975, Act 148, Eff. Mar. 31, 1976 ;– Am. 2014, Act 362, Eff. Mar. 16, 2015 Compiler’s Notes: For transfer of statutory authority, powers, duties, and functions of […]
Section 451.437 – Repeal of MCL 451.451 to 451.468.
451.437 Repeal of MCL 451.451 to 451.468. Sec. 27. Act No. 135 of the Public Acts of 1961, being sections 451.451 to 451.468 of the Compiled Laws of 1970, is repealed. History: 1975, Act 148, Eff. Mar. 31, 1976 Compiler’s Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and […]
Section 451.423 – Initial Fee; Consent of Creditor; Presumption.
451.423 Initial fee; consent of creditor; presumption. Sec. 13. (1) When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00. (2) A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar […]
Section 451.424 – Contract Between Licensee and Debtor; Requirements.
451.424 Contract between licensee and debtor; requirements. Sec. 14. (1) A contract between a licensee and debtor shall include all of the following: (a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine […]
Section 451.425 – Trust Account.
451.425 Trust account. Sec. 15. (1) Subject to subsection (6), payments received by a licensee from or on behalf of a debtor for the benefit of a creditor shall be held in a trust account at a financial institution whose deposits are insured by an agency of the United States government. Each licensee shall ensure […]
Section 451.426 – Duties of Licensee.
451.426 Duties of licensee. Sec. 16. (1) A licensee shall do all of the following: (a) Create and maintain records of the accounts, contracts, correspondence, memoranda, papers, books, and other records of the debt management business. If the licensee elects not to retain original records, the licensee may utilize electronic, photocopy, or computerized methods of […]
Section 451.427 – Examination of Licensee.
451.427 Examination of licensee. Sec. 17. The department may examine, without notice, the condition and affairs of a licensee. In connection with an examination, the department may examine under oath a licensee and any director, officer, employee, customer, creditor, manager, member, partner, or stockholder of a licensee concerning the affairs and business of the licensee. […]