Mich. Admin. Code R. 451.1221 - Definitions
Rule 1. As used in these rules:
(a) "Act" means the debt management act, 1975
PA 148, MCL 451.411 to 451.437.
(b)
"Certified counselor" means that term as defined in section 2(b) of the act,
MCL 451.412.
(c) "Department" means
the department of insurance and financial services.
(d) "Firm" means a debt management licensee
or exempt person.
(e) "Monthly
amortizable amount" means the payment made in equal monthly amounts,
extinguishing the fees and charges stated in the contract, less the $50.00
initial fee. No more than 1 monthly fee may be taken in any calendar
month.
(f) "Rate" means the
percentage of a firm's fees or charges in relation to the debt to be liquidated
during the life of the contract.
Notes
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