MCL - Act 148 of 1975
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
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Am. 2014, Act 362, Eff. Mar. 16, 2015
| Document | Type | Description |
|---|---|---|
| Section 451.411 | Section | Short title. |
| Section 451.412 | Section | Definitions. |
| Section 451.413 | Section | Business of debt management as financial planning service requiring license; exception. |
| Section 451.414 | Section | License required; contract made by unlicensed person void; persons eligible for exemption. |
| Section 451.415 | Section | License; application; filing requirements; expiration and renewal of license; books and records; financial statement; licensee with board of directors or equivalent. |
| Section 451.416 | Section | License; investigation; grounds for issuance or nonissuance; evidence of certification as certified counselor. |
| Section 451.417 | Section | Applicability of examination provisions. |
| Section 451.418 | Section | License renewal; application; fee; financial statements; failure to pay fee or penalty. |
| Section 451.418a | Section | Fraud; notice of intent to prohibit licensure; hearing; order; judicial review; enforcement; violation of final order as misdemeanor; penalty; definitions. |
| Section 451.419 | Section | License; grounds for denial, revocation, suspension, or postponement; notice; proceedings. |
| Section 451.420 | Section | Rules; rights, remedies, and procedures. |
| Section 451.421 | Section | License; applicable provisions. |
| Section 451.422 | Section | Budget analysis. |
| Section 451.423 | Section | Initial fee; consent of creditor; presumption. |
| Section 451.424 | Section | Contract between licensee and debtor; requirements. |
| Section 451.425 | Section | Trust account. |
| Section 451.426 | Section | Duties of licensee. |
| Section 451.427 | Section | Examination of licensee. |
| Section 451.428 | Section | 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 | Section | Prohibited practices. |
| Section 451.430 | Section | Advertisement. |
| Section 451.431 | Section | Assignment of wages. |
| Section 451.432 | Section | Rules; decisions, orders, and rulings; electronic filing. |
| Section 451.433 | Section | Cease and desist order; statement; misdemeanor; powers of department; court order; self-incrimination; injunction or restraining order; criminal proceedings. |
| Section 451.434 | Section | Violations; penalties; jurisdiction; remedies. |
| Section 451.435 | Section | Statute of limitations. |
| Section 451.436 | Section | Disposition of fees. |
| Section 451.437 | Section | Repeal of MCL 451.451 to 451.468. |