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2023 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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