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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.