The Michigan Legislative Website data sources are undergoing upgrades. Thank you for your patience as we work through any issues.

Go To Top capitol dome
Michigan Legislature
Michigan Compiled Laws Complete Through PA 93 of 2019
House: Adjourned until Wednesday, November 20, 2019 10:00:00 AM
Senate: Adjourned until Wednesday, November 20, 2019 10:00:00 AM


Michigan Legislature

Main Content

Act 148 of 1975
Search within this Statute for


DEBT MANAGEMENT ACT

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:

DocumentTypeDescription
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.
up icon