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Michigan Statutes, Title 451

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Title 451, SECURITIES, REAL ESTATE, AND DEBT MANAGEMENT

15 chapters · 143 sections in this title.

All chapters in Title 451143 Ch 551-of-2008, UNIFORM SECURITIES ACT (2002)75 Ch 148-of-1975, DEBT MANAGEMENT ACT28 Ch 89-of-1933, PROTECTIVE COMMITTEES18 Ch 87-of-2009, UNIFORM PRUDENT MANAGEMENT OF INSTIT…11 Ch 210-of-1933, TRUST MORTGAGE FORECLOSURE5 Ch 13-of-1935, MICHIGAN CORPORATION AND SECURITIES …4 Ch 275-of-1937, REAL ESTATE BONDS AND SECURITIES2

28 sections·Filtered byTitle 451✕Ch 148-of-1975✕

Mich. Comp. Laws § 451.411 Short title.
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Sec. 1. This act shall be known as the "debt management act," and shall be broadly construed to effectuate its purpose of providing protection to the public.
Mich. Comp. Laws § 451.412 Definitions.
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Sec. 2. As used in this act: (a) "Business of debt management" means providing or offering to provide debt management to 1 or more residents of this state. (b) "Certified counselor" means an individual who is certified by a training program or certifying organization, approved by…
Mich. Comp. Laws § 451.413 Business of debt management as financial planning service requiring license; exception.
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Sec. 3. (1) Except as provided in subsection (2), a person engaged in the business of debt management is rendering a financial planning service and must obtain a license under this act. (2) Subsection (1) does not apply to the following when engaged in the regular course of their…
Mich. Comp. Laws § 451.414 License required; contract made by unlicensed person void; persons eligible for exemption.
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Sec. 4. (1) A person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license under this act. A contract to provide debt management made by a person without a license is null and void. (2) The …

Mich. Comp. Laws § 451.415 License; application; filing requirements; expiration and renewal of license; books and records; financial statement; licensee with board of directors or equivalent.

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Sec. 5. (1) An applicant for a license to engage in the business of debt management shall file an application with the director in writing and under oath that includes all of the following: (a) The name and exact address of the applicant and the name and address of each of the fo…

Mich. Comp. Laws § 451.416 License; investigation; grounds for issuance or nonissuance; evidence of certification as certified counselor.

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Sec. 6. (1) If it receives a license application under this act and approves the fees and surety bond, the department shall investigate the applicant's responsibility, experience, character, and general fitness. If the result of the investigation warrants a belief that the applic…

Mich. Comp. Laws § 451.417 Applicability of examination provisions.

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Sec. 7. Except as provided in this act, the examination provisions of this act shall not apply to the existing officers, directors, partners, or individual owners of currently licensed debt management businesses unless any of those persons cease to be engaged in the debt manageme…

Mich. Comp. Laws § 451.418 License renewal; application; fee; financial statements; failure to pay fee or penalty.

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Sec. 8. (1) Before December 1 of each year, a licensee shall file an application with the department for renewal of its license. The application shall be on the form prescribed by the department. The licensee shall include with the application a renewal fee of $50.00 for each off…

Mich. Comp. Laws § 451.418a Fraud; notice of intent to prohibit licensure; hearing; order; judicial review; enforcement; violation of final order as misdemeanor; penalty; definitions.

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Sec. 8a. (1) If in the opinion of the director an individual has engaged in fraud, the director may serve on that individual a written notice of intention to prohibit that individual from being licensed under this act, licensed or registered under any of the financial licensing a…

Mich. Comp. Laws § 451.419 License; grounds for denial, revocation, suspension, or postponement; notice; proceedings.

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Sec. 9. (1) The director may deny, revoke, suspend, or postpone a license issued or applied for under this act for any of the following: (a) Conviction of a felony or of a misdemeanor involving moral turpitude. (b) Violating any of the provisions of this act or rules promulgated …

Mich. Comp. Laws § 451.420 Rules; rights, remedies, and procedures.

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Sec. 10. Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws, shall wherever applicable herein, govern the rules promulgated and rights, remedies, and procedures respecting the administration of this act.

Mich. Comp. Laws § 451.421 License; applicable provisions.

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Sec. 11. All of the following apply to a license: (a) The director shall prescribe the form and size of a license. (b) A license shall show the name of the licensee and the address at which the business of debt management is to be conducted. (c) A license shall show the date of e…

Mich. Comp. Laws § 451.422 Budget analysis.

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Sec. 12. (1) A licensee may enter into a contract or agreement to provide debt management services to a debtor only if the licensee has conducted a written and thorough budget analysis of the debtor and made a determination, based on the analysis of the information provided by th…

Mich. Comp. Laws § 451.423 Initial fee; consent of creditor; presumption.

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Sec. 13. (1) When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00. (2) A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of th…

Mich. Comp. Laws § 451.424 Contract between licensee and debtor; requirements.

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Sec. 14. (1) A contract between a licensee and debtor shall include all of the following: (a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount…

Mich. Comp. Laws § 451.425 Trust account.

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Sec. 15. (1) Subject to subsection (6), payments received by a licensee from or on behalf of a debtor for the benefit of a creditor shall be held in a trust account at a financial institution whose deposits are insured by an agency of the United States government. Each licensee s…

Mich. Comp. Laws § 451.426 Duties of licensee.

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Sec. 16. (1) A licensee shall do all of the following: (a) Create and maintain records of the accounts, contracts, correspondence, memoranda, papers, books, and other records of the debt management business. If the licensee elects not to retain original records, the licensee may …

Mich. Comp. Laws § 451.427 Examination of licensee.

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Sec. 17. The department may examine, without notice, the condition and affairs of a licensee. In connection with an examination, the department may examine under oath a licensee and any director, officer, employee, customer, creditor, manager, member, partner, or stockholder of a…

Mich. Comp. Laws § 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.

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Sec. 18. (1) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fee under this subsection shall not exceed 15% of the amount of the debt to be liquidated during the exp…

Mich. Comp. Laws § 451.429 Prohibited practices.

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Sec. 19. A licensee shall not do any of the following: (a) Purchase from a creditor any obligation of a debtor. (b) Execute a contract or agreement to be signed by the debtor unless the contract or agreement is fully and completely filled in and finished. (c) Lend money or credit…

Mich. Comp. Laws § 451.430 Advertisement.

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Sec. 20. (1) This act does not impose any liability, civil or criminal, on a person or publisher that is regularly engaged in the business of publishing a bona fide newspaper or operating a radio or television station and that, acting solely in the course of that business, publis…

Mich. Comp. Laws § 451.431 Assignment of wages.

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Sec. 21. This act shall not be construed as prohibiting the assignment of wages by a debtor to a licensee, if the assignment is otherwise in accordance with the law of this state.

Mich. Comp. Laws § 451.432 Rules; decisions, orders, and rulings; electronic filing.

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Sec. 22. (1) The director may promulgate rules pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, make specific decisions, make orders and rulings that include demands and findings, and take other necessary action for the implementation and …

Mich. Comp. Laws § 451.433 Cease and desist order; statement; misdemeanor; powers of department; court order; self-incrimination; injunction or restraining order; criminal proceedings.

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Sec. 23. (1) When it appears to the department, either upon complaint or otherwise, that this act, or a rule promulgated under this act, has or is about to be violated, it may, in its discretion, either issue a cease and desist order or require the person to file with it a statem…

Mich. Comp. Laws § 451.434 Violations; penalties; jurisdiction; remedies.

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Sec. 24. (1) A licensee who violates a provision of this act is guilty of a felony and shall be fined not more than $5,000.00, or imprisoned not more than 2 years, or both. (2) A person who violates an injunction or a cease and desist order issued pursuant to this act shall be gu…

Mich. Comp. Laws § 451.435 Statute of limitations.

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Sec. 25. An action brought pursuant to this act shall be commenced within 6 years after the cause of action accrues, except that chapter 58 of Act No. 236 of the Public Acts of 1961, as amended, being sections 600.5801 to 600.5869 of the Michigan Compiled Laws, shall apply wherev…

Mich. Comp. Laws § 451.436 Disposition of fees.

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Sec. 26. The fees collected under this act shall be paid promptly into the state treasury to the credit of the department.

Mich. Comp. Laws § 451.437 Repeal of MCL 451.451 to 451.468.

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Sec. 27. Act No. 135 of the Public Acts of 1961, being sections 451.451 to 451.468 of the Compiled Laws of 1970, is repealed.