Section R. 451.1234 - Dishonest or unethical business conductRule 14. Dishonest or unethical business conduct, as provided in section 9 of the act, MCL 451.419, includes, but is not limited to, the following:
(a) Failure to promptly refund a debtor's money upon written cancellation of a contract.(b) Borrowing money from a debtor.(c) Giving preference to creditors for the convenience or benefit of the firm rather than the primary benefit of the debtor.(d) Receiving money from the debtor, except as provided in the contract with the debtor, which contract has been accepted as to form and content by the department.(e) Failing to promptly record on the books of the firm any transaction involving funds of the debtor.(f) Paying funds of a debtor to a fictitious creditor.(g) Accepting a rebate, kickback, or other remuneration for payment of a debtor's obligations, except under a plan approved by the department and fully disclosed to the debtor.(h) Using debtors' funds as compensating balances for loans.(i) Making erasures or changes on the portion of the client account card used for recording payments received from the debtor, on checks issued to creditors, on fees taken, or on the dates of such entries. If a correction is needed, the error must have 1 line drawn through it and be initialed by an individual authorized by the licensee who did not make the correction or change. All entries must be made with ink, be typewritten, or be made by other machine entry.Mich. Admin. Code R. 451.1234
1979 AC; 2020 MR 17, Eff. 9/3/2020