Michigan Compiled Laws
Chapter 451 - Securities, Real Estate, and Debt Management
Act 148 of 1975 - Debt Management Act (451.411 - 451.437)

Section 451.411 - Short Title. - Sec. 1. This act shall be known as the “debt...

Section 451.412 - Definitions. - Sec. 2. As used in this act: (a) "Business of...

Section 451.413 - Business of Debt Management as Financial Planning Service Requiring License; Exception. - Sec. 3. (1) Except as provided in subsection (2), a...

Section 451.414 - License Required; Contract Made by Unlicensed Person Void; Persons Eligible for Exemption. - Sec. 4. (1) A person located within or outside of...

Section 451.415 - License; Application; Filing Requirements; Expiration and Renewal of License; Books and Records; Financial Statement; Licensee With Board of Directors or Equivalent. - Sec. 5. (1) An applicant for a license to engage...

Section 451.416 - License; Investigation; Grounds for Issuance or Nonissuance; Evidence of Certification as Certified Counselor. - Sec. 6. (1) If it receives a license application under...

Section 451.417 - Applicability of Examination Provisions. - Sec. 7. Except as provided in this act, the examination...

Section 451.418 - License Renewal; Application; Fee; Financial Statements; Failure to Pay Fee or Penalty. - Sec. 8. (1) Before December 1 of each year, a...

Section 451.418a - Fraud; Notice of Intent to Prohibit Licensure; Hearing; Order; Judicial Review; Enforcement; Violation of Final Order as Misdemeanor; Penalty; Definitions. - Sec. 8a. (1) If in the opinion of the director...

Section 451.419 - License; Grounds for Denial, Revocation, Suspension, or Postponement; Notice; Proceedings. - Sec. 9. (1) The director may deny, revoke, suspend, or...

Section 451.420 - Rules; Rights, Remedies, and Procedures. - Sec. 10. Act No. 306 of the Public Acts of...

Section 451.421 - License; Applicable Provisions. - Sec. 11. All of the following apply to a license:...

Section 451.422 - Budget Analysis. - Sec. 12. (1) A licensee may enter into a contract...

Section 451.423 - Initial Fee; Consent of Creditor; Presumption. - Sec. 13. (1) When a licensee establishes a debt management...

Section 451.424 - Contract Between Licensee and Debtor; Requirements. - Sec. 14. (1) A contract between a licensee and debtor...

Section 451.425 - Trust Account. - Sec. 15. (1) Subject to subsection (6), payments received by...

Section 451.426 - Duties of Licensee. - Sec. 16. (1) A licensee shall do all of the...

Section 451.427 - Examination of Licensee. - Sec. 17. The department may examine, without notice, the condition...

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. - Sec. 18. (1) In addition to the fee described in...

Section 451.429 - Prohibited Practices. - Sec. 19. A licensee shall not do any of the...

Section 451.430 - Advertisement. - Sec. 20. (1) This act does not impose any liability,...

Section 451.431 - Assignment of Wages. - Sec. 21. This act shall not be construed as prohibiting...

Section 451.432 - Rules; Decisions, Orders, and Rulings; Electronic Filing. - Sec. 22. (1) The director may promulgate rules pursuant to...

Section 451.433 - Cease and Desist Order; Statement; Misdemeanor; Powers of Department; Court Order; Self-Incrimination; Injunction or Restraining Order; Criminal Proceedings. - Sec. 23. (1) When it appears to the department, either...

Section 451.434 - Violations; Penalties; Jurisdiction; Remedies. - Sec. 24. (1) A licensee who violates a provision of...

Section 451.435 - Statute of Limitations. - Sec. 25. An action brought pursuant to this act shall...

Section 451.436 - Disposition of Fees. - Sec. 26. The fees collected under this act shall be...

Section 451.437 - Repeal of MCL 451.451 to 451.468. - Sec. 27. Act No. 135 of the Public Acts of...