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The Office of Financial and Insurance
Regulation issues debt management firm licenses to persons who are
providing or offering to provide 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.
A. NAME OF PERMIT OR APPROVAL:
Debt Management Firm License
B. STATUTORY AUTHORITY:
Debt Management Act, Public Act 148 of 1975,
as amended, (MCL 451.411 et seq).
C. APPLICABLE REGULATION:
Rules Administered by the Office of Financial
and Insurance Regulation
- Debt Management, (R 451.1221
- 451.1246)
D. SUMMARY OF PERMIT/APPROVAL PROCESS:
1.
Applicability
Any person conducting the activity stated above except the following are
exempt from licensure when the activity is 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.
2.
Pre-Application Requirements
- Individuals using their
personal name on the application do not have pre-application requirements
before submitting the application.
- Individuals doing business under
an assumed name must first file the assumed name with their local county
clerk's office before submitting the application.
- Legal entities
(corporations, limited liability companies, limited partnerships, etc.)
must have prior approval from the Michigan Corporation Division to conduct
business in Michigan
prior to submitting the application.
Each officer, partner, or proprietor of an applicant, each person serving in a
managerial capacity involving counseling, and each individual counselor to be
employed by an applicant shall take and pass an examination pursuant to Section
6(3) of the Debt Management Act.
3.
Application Submission Requirements
FIS 0506
4.
Procedures and Time-Frame for Obtaining Approval
Up to 120 days
5.
Operational Requirements
Annual renewal notices will be sent by our office no later than October
31st. Your license will expire on December 31st of each year unless FIS 0507
Renewal Application for Debt Management License is submitted to our office no
later than December 1st.
6.
Fees
Fee Schedule
7.
Appeal Process
Procedural Rules, (R 451.2501 - 451.2511)
8.
Public Input Opportunities
How to File a Complaint
E. Contact Information:
Contact
Us
Creation/Revision Date:
October
6, 2010
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