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MICHIGAN STATUTES AND CODES
Section 451.430 - Advertising.
Act 148 of 1975
451.430 Advertising.
Sec. 20.
(1) A person shall not publish or circulate a pamphlet, circular, form letter, advertisement, or other sales literature or advertising communication addressed to or intended for distribution to prospective debtors unless a true copy has been filed with the department at least 10 business days prior to the first publication, and the department has given its approval for use, or unless the advertisement or class of advertising has been exempted by rule of the department. The department may allow a shorter filing period.
(2) Nothing in this act shall impose any liability, civil or criminal, upon a person or publisher regularly engaged in the business of publishing a bona fide newspaper or operating a radio or television station, and acting solely in his official capacity, who publishes an advertisement in good faith and without knowledge that the advertisement or publication constitutes a violation of this act.
(3) A person shall not publish an advertisement concerning the offer of debt management services in this state after the department finds that the advertisement contains a statement that is false or misleading or omits to make any necessary statement in order to make the statements made, in light of the circumstances under which they were made, not misleading and so notifies the person in writing. The notification may be given summarily without notice of hearing. At any time after the issuance of a notification under this section, the person desiring to use the advertisement may request in writing that the order be rescinded. Upon the receipt of a written request, the matter will be set for a hearing to commence within 45 days unless the person making the request consents to a later date. After the hearing the department shall determine whether to affirm and continue or to rescind the order.
History: 1975, Act 148, Eff. Mar. 31, 1976
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.