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 […]
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 451.416 – License; Investigation; Grounds for Issuance or Nonissuance; Evidence of Certification as Certified Counselor.
451.416 License; investigation; grounds for issuance or nonissuance; evidence of certification as certified counselor. Sec. 6. (1) If it receives a license application under this act and approves the fees and surety bond, the department shall investigate the applicant’s responsibility, experience, character, and general fitness. If the result of the investigation warrants a belief that […]
Section 451.417 – Applicability of Examination Provisions.
451.417 Applicability of examination provisions. Sec. 7. Except as provided in this act, the examination provisions of this act shall not apply to the existing officers, directors, partners, or individual owners of currently licensed debt management businesses unless any of those persons cease to be engaged in the debt management business with their currently licensed […]
Section 451.319 – Violation of Act; Penalty.
451.319 Violation of act; penalty. Sec. 19. Any person violating any of the provisions of sections 3, 5, 6, 9, 10 and 17 shall be punished by a fine of not less than 500 dollars nor more than 5,000 dollars, together with costs of prosecution, or by imprisonment in the Michigan reformatory at Ionia, state […]