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Are licensees required to inform customers when they are eligible for a repayment plan?

Are licensees required to inform customers when they are eligible for a repayment plan?

Yes.  The licensee must advise a customer of the repayment plan option at the time he or she is eligible for a repayment plan.  Veritec will notify the licensee if a transaction is eligible for a repayment plan when the transaction is entered into the database.  If eligible, a written notice must be provided the customer.

Refer to MCL 487.2155, Section 35(3) for the specific wording of the repayment plan notice.