Mich. Admin. Code R. 451.1238 - License

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

Rule 18.

(1) A license must be issued for each main office and branch office rendering debt management service.
(2) Whenever a licensee or exempt person discontinues the business of debt management, whether totally or at a specific location, the license certificate, or exemption order, must be mailed to the department within 5 days. An explanation of the reason for discontinuance, a statement of any amounts remaining in the client trust account, and the plan and timetable for disbursement must accompany the license certificate, or exemption order, unless all accounts are transferred, without interruption in service, to another of the firm's branches.
(3) A license must not be terminated for a firm unless it is revoked or unless all payments due creditors or debtors have been made, and the department issues an order terminating the license.

Notes

Mich. Admin. Code R. 451.1238
1979 AC; 2020 MR 17, Eff. 9/3/2020

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