Michigan Laws 451.421 – License; applicable provisions
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 451.421
- Business of debt management: means providing or offering to provide debt management to 1 or more residents of this state. See Michigan Laws 451.412
- Debt management: means the planning and management of the financial affairs of a debtor and the receipt of money from the debtor for distribution to 1 or more of the debtor's creditors in payment or partial payment of the debtor's obligations. See Michigan Laws 451.412
- Department: means the department of insurance and financial services. See Michigan Laws 451.412
- Director: means the director of the department or his or her authorized representative. See Michigan Laws 451.412
- License: means a written certificate or exemption order issued by the director under this act. See Michigan Laws 451.412
- Licensee: means a person that is licensed, or is required to be licensed, under this act to perform debt management services and is located inside or outside the boundaries of this state. See Michigan Laws 451.412
- Office: means each location, described by street name, building number, city, and state, where a person engages in the business of debt management. See Michigan Laws 451.412
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
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 expiration of the license as December 31, and show any other information prescribed by the director.
(d) While the license is in force, the licensee shall at all times conspicuously display the license in the outer office of the licensee or branch office of the licensee, if that office offers in-person services to consumers, and state on an internet website that is available to the public that the licensee is licensed in this state.
(e) A license is not transferable or assignable.
(f) A licensee shall surrender a license to the department within 5 business days after the date that the licensee either ceases to engage in the business of debt management or the date the license is revoked.