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 a license under the Debt Management Act, 1975 PA 148, as amended (Act).

The following are exempt from licensure when engaged in the regular course of their respective businesses and professions:

1. An attorney at law, if providing debt management advice incidental to his or her law practice.
2. A certified public accountant, if providing debt management advice incidental to his or her accounting practice.
3. 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.
4. A title insurer or abstract company, while doing an escrow business.
5. An employee or agent of a licensee, acting solely in the capacity of agent for the licensee.
6. A judicial officer or person acting under court order.