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 […]
Section 451.422 – Budget Analysis.
451.422 Budget analysis. Sec. 12. (1) A licensee may enter into a contract or agreement to provide debt management services to a debtor only if the licensee has conducted a written and thorough budget analysis of the debtor and made a determination, based on the analysis of the information provided by the debtor or otherwise […]
Section 451.414 – License Required; Contract Made by Unlicensed Person Void; Persons Eligible for Exemption.
451.414 License required; contract made by unlicensed person void; persons eligible for exemption. Sec. 4. (1) A person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license under this act. A contract to provide debt management made by a person […]
Section 451.415 – License; Application; Filing Requirements; Expiration and Renewal of License; Books and Records; Financial Statement; Licensee With Board of Directors or Equivalent.
451.415 License; application; filing requirements; expiration and renewal of license; books and records; financial statement; licensee with board of directors or equivalent. Sec. 5. (1) An applicant for a license to engage in the business of debt management shall file an application with the director in writing and under oath that includes all of the […]
Section 451.411 – Short Title.
451.411 Short title. Sec. 1. This act shall be known as the “debt management act,” and shall be broadly construed to effectuate its purpose of providing protection to the public. History: 1975, Act 148, Eff. Mar. 31, 1976 Compiler’s Notes: For transfer of powers and duties of the corporation and securities bureau from the department […]
Section 451.412 – Definitions.
451.412 Definitions. Sec. 2. As used in this act: (a) “Business of debt management” means providing or offering to provide debt management to 1 or more residents of this state. (b) “Certified counselor” means an individual who is certified by a training program or certifying organization, approved by the director, that authenticates the competence of […]
Section 451.413 – Business of Debt Management as Financial Planning Service Requiring License; Exception.
451.413 Business of debt management as financial planning service requiring license; exception. Sec. 3. (1) Except as provided in subsection (2), a person engaged in the business of debt management is rendering a financial planning service and must obtain a license under this act. (2) Subsection (1) does not apply to the following when engaged […]