Mich. Admin. Code R. 451.1221

Current through Vol. 24-24, January 15, 2025

Section R. 451.1221 - Definitions

Rule 1. As used in these rules:

(a) "Act" means the debt management act, 1975 PA 148, MCL 451.411 to 451.437.

(b) "Certified counselor" means that term as defined in section 2(b) of the act, MCL 451.412.

(c) "Department" means the department of insurance and financial services.

(d) "Firm" means a debt management licensee or exempt person.

(e) "Monthly amortizable amount" means the payment made in equal monthly amounts, extinguishing the fees and charges stated in the contract, less the $50.00 initial fee. No more than 1 monthly fee may be taken in any calendar month.

(f) "Rate" means the percentage of a firm's fees or charges in relation to the debt to be liquidated during the life of the contract.

Mich. Admin. Code R. 451.1221

1979 AC; 2020 MR 17, Eff. 9/3/2020