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2006 Michigan Compiled Laws - Act 148 of 1975


DEBT MANAGEMENT ACT

Act 148 of 1975

AN ACT to regulate the business of debt management; to require licenses and to fix fees therefor; to prescribe the powers and duties of the department of commerce and its director; to prescribe conditions for debt management contracts; to provide for the disposition of revenues; to provide penalties; and to repeal certain acts and parts of acts.


History: 1975, Act 148, Eff. Mar. 31, 1976




The People of the State of Michigan enact:

DocumentDescription
Section 451.411Short title.
Section 451.412Definitions.
Section 451.413Business of debt management as financial planning service requiring license; exception.
Section 451.414License required; contract made by unlicensed person void; persons eligible for exemption.
Section 451.415License; application; filing requirements; expiration and renewal of license; books and records; financial statements; licensee with board of directors or equivalent.
Section 451.416License; investigation; grounds for issuance or nonissuance; examination; fee.
Section 451.417Applicability of examination provisions.
Section 451.418License renewal; application; fee; financial statements.
Section 451.419License; grounds for denial, revocation, suspension, or postponement; notice; proceedings.
Section 451.420Rules; rights, remedies, and procedures.
Section 451.421License; applicable provisions.
Section 451.422Budget analysis.
Section 451.423Consent of creditors as condition to charging or receiving fee.
Section 451.424Contract between licensee and debtor; requirements.
Section 451.425Trust account.
Section 451.426Duties of licensee.
Section 451.427Examination of licensee.
Section 451.428Fee under debt management services contract; charge for cancellation or default; when contract effective; letter of continuation; excessive charge.
Section 451.429Prohibited practices.
Section 451.430Advertising.
Section 451.431Assignment of wages.
Section 451.432Rules; decisions, orders, and rulings; electronic filing.
Section 451.433Cease and desist order; statement; misdemeanor; powers of department; court order; self-incrimination; injunction or restraining order; criminal proceedings.
Section 451.434Violations; penalties; jurisdiction; remedies.
Section 451.435Statute of limitations.
Section 451.436Disposition of fees.
Section 451.437Repeal of §§ 451.451 to 451.468.

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