Mich. Admin. Code R. 451.1240 - Certification of compliance
Rule 20.
(1) Every
contract must set forth, in bold type, the set-up and cancellation fee
provisions and amounts, and advise the prospective client to note these
carefully before signing the contract.
(2) The department may approve the
accumulation of debtor's funds in payment of obligations which are required to
be paid in large lump sums, such as income and property taxes, insurance
premiums, and house payments. All such accumulations, however, must be
designated for a specific purpose and must not be used to pay for fees and
charges, including the close out fee of the firm.
Notes
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