451.414 License required; contract made by unlicensed person void; persons eligible for exemption.
Sec. 4.
(1) After January 1, 1976, a person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license as required in this act. A contract of debt management as defined by this act made by a person without a license is null and void.
(2) A person who is performing a debt management service and receiving compensation primarily from governmental organizations, governmentally sponsored organizations, charitable trusts, or foundations tax exempt pursuant to section 501(c) of the internal revenue code of 1986, upon a showing of safeguards in the handling of debtor funds, may be granted an exemption from any provision of this act if the exemption is found to be in the public interest.
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.
451.414 License required; contract made by unlicensed person void; persons eligible for exemption.
Sec. 4.
(1) After January 1, 1976, a person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license as required in this act. A contract of debt management as defined by this act made by a person without a license is null and void.
(2) A person who is performing a debt management service and receiving compensation primarily from governmental organizations, governmentally sponsored organizations, charitable trusts, or foundations tax exempt pursuant to section 501(c) of the internal revenue code of 1986, upon a showing of safeguards in the handling of debtor funds, may be granted an exemption from any provision of this act if the exemption is found to be in the public interest.
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.
451.414 License required; contract made by unlicensed person void; persons eligible for exemption.
Sec. 4.
(1) After January 1, 1976, a person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license as required in this act. A contract of debt management as defined by this act made by a person without a license is null and void.
(2) A person who is performing a debt management service and receiving compensation primarily from governmental organizations, governmentally sponsored organizations, charitable trusts, or foundations tax exempt pursuant to section 501(c) of the internal revenue code of 1986, upon a showing of safeguards in the handling of debtor funds, may be granted an exemption from any provision of this act if the exemption is found to be in the public interest.
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.
