MCL - Act 148 of 1975


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 ;-- Am. 2014, Act 362, Eff. Mar. 16, 2015

The People of the State of Michigan enact:
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.