Mich. Admin. Code R. 451.1222 - Application for license or exemption order; renewal application

Current through Vol. 22-05, April 1, 2022

Rule 2.

(1) The application for license or exemption order must be on the form prescribed by the department.

(2) The application must be accompanied by the financial statements of the applicant for its last fiscal year and as of a date not more than 45 days prior to the filing.

(3) Financial statements, for the purposes of this rule, must include a balance sheet and income statement prepared in accordance with generally accepted accounting principles.

(4) Payment of fees must be made by a check payable to the "State of Michigan."

(5) The original application must be accompanied by a business history form for each officer and director if an association or corporation, for each partner if a partnership, for each member if a limited liability company, and for each proprietor, counselor, and officer manager. A credit report on the firm must also be submitted.

(6) A firm that has operated without interruption during the past year under a license or exemption order pursuant to section 4(2) of the act, MCL 451.414, may file a renewal application on the form prescribed by the department.

(7) The application must request a license or exemption order for each location from which the business of debt management is conducted.

(8) In the event of a change of business form, a new application must be filed prior to the effective date of the change. The application must include payment of a new fee as on renewal application.

(9) The department shall not accept for filing an application with a name that would cause confusion with the name of an existing firm or governmental agency or cause confusion about services to be received from a licensee.

Notes

Mich. Admin. Code R. 451.1222

1979 AC; 1985 AACS; 2020 MR 17, Eff. 9/3/2020