Mich. Admin. Code R. 451.1227 - Books and records
Rule 7. The firm shall make and keep current the following books and records relating to its business:
(a) Journals or other records of original
entry containing an itemized daily record of all payments and receipts for, or
on behalf of, debtors of the firm, all receipts and disbursements of cash, and
all other debits and credits.
(b)
Ledgers or other records reflecting all assets, liabilities, income, expense,
and capital accounts. The books and records included in this subdivision are
not current unless the firm updates and posts to the books and records at least
monthly.
(c) Ledger accounts or
other records, itemizing separately as to each debtor all receipts from the
debtor, payments to the firm, and disbursements on behalf of the debtor, the
creditor's representative contacted, the response obtained or whether there has
been a response within 14 days after the mailing of the creditor consent form,
any revised or special conditions or arrangements conditioning the consent, and
the date the required consents were secured.
(d) A complaint file containing copies of all
written complaints made to the firm by debtors.
(e) Personnel files for all employees,
listing the employee's name, current home address, home phone number, social
security number, and a record of all compensation.
Notes
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