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2018 Michigan Compiled Laws
Chapter 451 - Securities, Real Estate, and Debt Management
Act 148 of 1975 DEBT MANAGEMENT ACT (451.411 - 451.437)
AN ACT to regulate the business of debt management; to require licenses and establish license fees; to prescribe the powers and duties of certain state agencies and officials; to establish requirements for debt management contracts; to provide for the disposition of revenues; to provide penalties; and to repeal acts and parts of acts.
History: 1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2014, Act 362, Eff. Mar. 16, 2015
- 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 statement; licensee with board of directors or equivalent.
- Section 451.416 License; investigation; grounds for issuance or nonissuance; evidence of certification as certified counselor.
- Section 451.417 Applicability of examination provisions.
- Section 451.418 License renewal; application; fee; financial statements; failure to pay fee or penalty.
- Section 451.418a Fraud; notice of intent to prohibit licensure; hearing; order; judicial review; enforcement; violation of final order as misdemeanor; penalty; definitions.
- 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 Initial fee; consent of creditor; presumption.
- 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 plan; purchase of credit reports or educational materials and products; charge for cancellation or default; when contract effective; cancellation of contract; excessive charge.
- Section 451.429 Prohibited practices.
- Section 451.430 Advertisement.
- 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.
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