2010 Michigan Compiled Laws
Chapter 451 - SECURITIES, REAL ESTATE, AND DEBT MANAGEMENT
Act 148 of 1975 - DEBT MANAGEMENT ACT (451.411 - 451.437)

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

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