Mich. Admin. Code R. 451.1240 - Certification of compliance

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

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

Mich. Admin. Code R. 451.1240
1979 AC; 2020 MR 17, Eff. 9/3/2020

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