Section R. 451.1227 - Books and recordsRule 7. The firm shall make and keep current the following books and records relating to its business:
(a) Journals or other records of original entry containing an itemized daily record of all payments and receipts for, or on behalf of, debtors of the firm, all receipts and disbursements of cash, and all other debits and credits.(b) Ledgers or other records reflecting all assets, liabilities, income, expense, and capital accounts. The books and records included in this subdivision are not current unless the firm updates and posts to the books and records at least monthly.(c) Ledger accounts or other records, itemizing separately as to each debtor all receipts from the debtor, payments to the firm, and disbursements on behalf of the debtor, the creditor's representative contacted, the response obtained or whether there has been a response within 14 days after the mailing of the creditor consent form, any revised or special conditions or arrangements conditioning the consent, and the date the required consents were secured.(d) A complaint file containing copies of all written complaints made to the firm by debtors.(e) Personnel files for all employees, listing the employee's name, current home address, home phone number, social security number, and a record of all compensation.Mich. Admin. Code R. 451.1227
1979 AC; 2020 AACS; 2024 MR 12, Eff. 7/1/2024