Section 451.428 – Fee Under Debt Management Plan; Purchase of Credit Reports or Educational Materials and Products; Charge for Cancellation or Default; When Contract Effective; Cancellation of Contract; Excessive Charge.
451.428 Fee under debt management plan; purchase of credit reports or educational materials and products; charge for cancellation or default; when contract effective; cancellation of contract; excessive charge. Sec. 18. (1) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt […]
Section 451.429 – Prohibited Practices.
451.429 Prohibited practices. Sec. 19. A licensee shall not do any of the following: (a) Purchase from a creditor any obligation of a debtor. (b) Execute a contract or agreement to be signed by the debtor unless the contract or agreement is fully and completely filled in and finished. (c) Lend money or credit except […]
Section 451.430 – Advertisement.
451.430 Advertisement. Sec. 20. (1) This act does not impose any liability, civil or criminal, on a person or publisher that is regularly engaged in the business of publishing a bona fide newspaper or operating a radio or television station and that, acting solely in the course of that business, publishes an advertisement in good […]
Section 451.431 – Assignment of Wages.
451.431 Assignment of wages. Sec. 21. This act shall not be construed as prohibiting the assignment of wages by a debtor to a licensee, if the assignment is otherwise in accordance with the law of this state. History: 1975, Act 148, Eff. Mar. 31, 1976 Compiler’s Notes: For transfer of statutory authority, powers, duties, and […]
Section 451.432 – Rules; Decisions, Orders, and Rulings; Electronic Filing.
451.432 Rules; decisions, orders, and rulings; electronic filing. Sec. 22. (1) The director may promulgate rules pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, make specific decisions, make orders and rulings that include demands and findings, and take other necessary action for the implementation and enforcement of this […]
Section 451.418 – License Renewal; Application; Fee; Financial Statements; Failure to Pay Fee or Penalty.
451.418 License renewal; application; fee; financial statements; failure to pay fee or penalty. Sec. 8. (1) Before December 1 of each year, a licensee shall file an application with the department for renewal of its license. The application shall be on the form prescribed by the department. The licensee shall include with the application a […]
Section 451.418a – Fraud; Notice of Intent to Prohibit Licensure; Hearing; Order; Judicial Review; Enforcement; Violation of Final Order as Misdemeanor; Penalty; Definitions.
451.418a Fraud; notice of intent to prohibit licensure; hearing; order; judicial review; enforcement; violation of final order as misdemeanor; penalty; definitions. Sec. 8a. (1) If in the opinion of the director an individual has engaged in fraud, the director may serve on that individual a written notice of intention to prohibit that individual from being […]
Section 451.419 – License; Grounds for Denial, Revocation, Suspension, or Postponement; Notice; Proceedings.
451.419 License; grounds for denial, revocation, suspension, or postponement; notice; proceedings. Sec. 9. (1) The director may deny, revoke, suspend, or postpone a license issued or applied for under this act for any of the following: (a) Conviction of a felony or of a misdemeanor involving moral turpitude. (b) Violating any of the provisions of […]
Section 451.420 – Rules; Rights, Remedies, and Procedures.
451.420 Rules; rights, remedies, and procedures. Sec. 10. Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws, shall wherever applicable herein, govern the rules promulgated and rights, remedies, and procedures respecting the administration of this act. History: 1975, Act 148, Eff. Mar. 31, […]
Section 451.421 – License; Applicable Provisions.
451.421 License; applicable provisions. Sec. 11. All of the following apply to a license: (a) The director shall prescribe the form and size of a license. (b) A license shall show the name of the licensee and the address at which the business of debt management is to be conducted. (c) A license shall show […]