Mich. Admin. Code R. 451.1226 - Debt management contract; budget analysis format; creditors agreement form
Current through Vol. 22-05, April 1, 2022
Rule 6.
Notes
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Rule 6. (1) The applicant shall file a copy of its proposed debt management contract for debtors at the time of filing its application for review and acceptance by the bureau. The contract or revised contract shall not be used without bureau review and letter of acceptance.
(2) The applicant shall file a copy of its proposed budget analysis format with the bureau. This format, as accepted by the bureau, shall be completed for each debtor prior to entry into any contract with the debtor. The format shall contain not less than the following information:
(a) Name and address of the debtor.
(b) Marital status and number of dependents.
(c) All wages, salary, and other income, as well as the source thereof, which shall include, but not be limited to, aid to dependent children, food stamps, welfare, or child support.
(d) Number of exemptions claimed for federal income tax withholding.
(e) Payroll deductions and net take-home pay.
(f) If the debtor is the owner of a home, any encumbrance, tax not included in monthly payment, and monthly payment on the home; if a tenant, monthly rent.
(g) Amount and kind of other fixed periodic payments.
(h) Complete list of living expenses for food, clothing, utilities, auto, insurance, and other expenses.
(i) List of creditors, showing accounts to be adjusted and accounts not to be adjusted.
(j) Information on any existing garnishments and judgments.
(k) Periodic amount available for payment toward the plan.
(3) A true copy of the budget analysis shall be provided to each debtor before a contract is signed.
(4) The applicant shall file a copy of its proposed creditor's agreement form with the bureau. This form shall be accepted as to form and content by the bureau prior to use.
History: 1979 AC.