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Michigan Legislature
Michigan Compiled Laws Complete Through PA 93 of 2019
House: Adjourned until Wednesday, November 13, 2019 10:00:00 AM
Senate: Adjourned until Wednesday, November 13, 2019 10:00:00 AM

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Act 148 of 1975
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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

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 451.411SectionShort title.
Section 451.412SectionDefinitions.
Section 451.413SectionBusiness of debt management as financial planning service requiring license; exception.
Section 451.414SectionLicense required; contract made by unlicensed person void; persons eligible for exemption.
Section 451.415SectionLicense; application; filing requirements; expiration and renewal of license; books and records; financial statement; licensee with board of directors or equivalent.
Section 451.416SectionLicense; investigation; grounds for issuance or nonissuance; evidence of certification as certified counselor.
Section 451.417SectionApplicability of examination provisions.
Section 451.418SectionLicense renewal; application; fee; financial statements; failure to pay fee or penalty.
Section 451.418aSectionFraud; notice of intent to prohibit licensure; hearing; order; judicial review; enforcement; violation of final order as misdemeanor; penalty; definitions.
Section 451.419SectionLicense; grounds for denial, revocation, suspension, or postponement; notice; proceedings.
Section 451.420SectionRules; rights, remedies, and procedures.
Section 451.421SectionLicense; applicable provisions.
Section 451.422SectionBudget analysis.
Section 451.423SectionInitial fee; consent of creditor; presumption.
Section 451.424SectionContract between licensee and debtor; requirements.
Section 451.425SectionTrust account.
Section 451.426SectionDuties of licensee.
Section 451.427SectionExamination of licensee.
Section 451.428SectionFee 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 451.429SectionProhibited practices.
Section 451.430SectionAdvertisement.
Section 451.431SectionAssignment of wages.
Section 451.432SectionRules; decisions, orders, and rulings; electronic filing.
Section 451.433SectionCease and desist order; statement; misdemeanor; powers of department; court order; self-incrimination; injunction or restraining order; criminal proceedings.
Section 451.434SectionViolations; penalties; jurisdiction; remedies.
Section 451.435SectionStatute of limitations.
Section 451.436SectionDisposition of fees.
Section 451.437SectionRepeal of MCL 451.451 to 451.468.
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