Mich. Admin. Code R. 445.1024 - Investigation; location; written response; report of findings

Rule 24

(1) An investigation conducted pursuant to section 8(1) of the act may include an inspection of the books, records, papers, documents, or files of the credit-granting institution and may be conducted by either or both of the following means:

(a) An on-site investigation at the office of the credit-granting institution where an application was submitted or loan inquiry was made that is the subject of a written complaint or at an office of the credit-granting institution where the commissioner or a representative of the commissioner reasonably believes the materials and information necessary to conduct an investigation are located.

(b) By serving the chief executive officer of the credit-granting institution with a notice of investigation that requires a written response to an allegation of a violation of the act and submission of copies of all requested materials and information pertaining to the alleged violation.

(2) An investigation conducted pursuant to subrule 1(b) of this rule shall be conducted as follows:

(a) The notice of investigation shall contain a short, plain statement of the alleged violation of the act that enables the credit-granting institution to respond to each allegation with specificity and assemble all materials and information requested. A copy of the complaint form or written complaint shall be attached to the notice of investigation required by this rule.

(b) Each question shall be responded to in writing and in a manner deemed sufficient by the commissioner or a representative of the commissioner, and all documentation requested in the notice prescribed by this rule shall be submitted, within 20 days from the date of service of the notice of investigation. In the discretion of the commissioner, the time to submit materials and information may be extended not more than 10 days if the credit-granting institution provides written notice to the commissioner, within 15 days from the date of service, that it has made a good faith effort to comply with this rule.

(c) The response shall be accompanied by a sworn affidavit signed by an officer of the credit-granting institution stating that all of the questions have been fully answered and all documentation requested has been submitted to the commissioner. If, in the discretion of the commissioner or a representative of the commissioner, the responses or documentation submitted are insufficient to conduct an investigation, an additional request for information may be made or an on-site investigation may be conducted, or both.

(3) At the conclusion of an investigation pursuant to section 8(1) of the act and these rules, the commissioner or a representative of the commissioner shall issue a written report of findings to be served on the complainant and the chief executive officer of the credit-granting institution.

Notes

Mich. Admin. Code R. 445.1024

1979 AC; 1995 AACS