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MICHIGAN STATUTES AND CODES
Section 451.424 - Contract between licensee and debtor; requirements.
Act 148 of 1975
451.424 Contract between licensee and debtor; requirements.
Sec. 14.
(1) A contract between a licensee and debtor shall include all of the following:
(a) Each creditor to whom payments will be made and the amount owed each creditor.
(b) The total amount of the licensee's charges.
(c) The beginning and ending dates of the contract.
(d) The number of months and the total principal amount plus approximate interest charges required to liquidate in full the debts, except mortgage or land contract interest payments, described in the contract.
(e) The name and address of the licensee and of the debtor.
(f) Other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.
(2) Unless otherwise approved by the department and except for an amount due for 1 or more monthly fees or a closeout fee, a licensee shall distribute to the creditors of the debtor, at least monthly, all money received from a debtor or on behalf of a debtor.
History: 1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2000, Act 255, Imd. Eff. June 29, 2000
Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.