Debt Management is the planning and management of the financial affairs of a
debtor and the receipt of money from the debtor for distribution to a creditor
in payment or partial payment of the debtor's obligations. Any person engaged
in the business of debt management is rendering a financial planning service
and must obtain license under the Debt Management Act, P.A. 148 of 1975, as amended (Act).
The following are exempt from licensure when engaged in the regular course
of their respective businesses and professions:
- An attorney at law, if providing debt management advice is incidental to
his or her law practice.
- A certified public accountant, if providing debt management advice is incidental
to his or her accounting practice.
- A bank, fiduciary, savings and loan institution, or credit union duly authorized
and admitted to transact business in this state and performing credit and
financial adjusting service in the regular course of its principal business.
- A title insurer or abstract company, while doing an escrow business.
- An employee or agent of a licensee, acting solely in the capacity of agent
for the licensee.
- A judicial officer or person acting under court order.
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