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Consent of Creditors as Condition to Charging or Receiving Fee - Mich. Comp. Laws Section 451.423

Legal Research Home > Michigan Laws > Securities, Real Estate, And Debt Management > Consent of Creditors as Condition to Charging or Receiving Fee - Mich. Comp. Laws Section 451.423

451.423 Consent of creditors as condition to charging or receiving fee.

Sec. 13.

(1) Upon establishing a debt management plan for a debtor, a licensee may charge and receive an initial fee of $25.00. However, unless 51% or more in number and dollar amount of all the debtor's creditors consent to the debt management program within 45 days of establishing the debt management plan, the fee shall be returned to the debtor and the debtor's account closed.

(2) Consent from a creditor shall be recorded on a separate form. The form shall contain all of the following:

(a) A list of all the creditors.

(b) The manner in which consent was sought.

(c) The date of each contact.

(d) The name of the person contacted, if applicable.

(e) The response obtained from the person contacted.

(f) Any revised or special conditions or arrangements that condition the consent.

(g) The date on which the required consent was secured.

(3) The consent of a creditor may be sought by sending a notice of a debt management plan to a creditor by an appropriate means including by telephone, facsimile, electronic mail, or first-class mail. If the creditor does not respond within 14 days after the sending of the notice, it may be presumed that the creditor has given consent.

(4) If a payment under the debt management plan is sent to a creditor, acceptance of the payment or plan may be presumed 7 days after sending the payment.


History: 1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2000, Act 255, Imd. Eff. June 29, 2000
Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled MCL 445.2003 of the Michigan compiled laws.

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Last modified: March 17, 2013


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