Mich. Admin. Code R. 339.35 - Assignment of contracts upon discontinuance of business
Rule 35.
(1) A
registrant who discontinues business or whose license is suspended
indefinitely, lapsed, or revoked shall do both of the following:
(a) Assign prepaid contracts to another
registrant within 60 days of the event.
(b) Notify the department and the contract
buyers of the assignment within 30 days of the assignment.
(2) Contracts not assigned as required by
(1)(a) and (b) above shall be cancelled and the buyer issued a refund of the
contract.
Notes
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