Mich. Admin. Code R. 451.1238 - License
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
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