Michigan Debt Settlement Laws

Debt Settlement License Registration Required:

Statute: Mich. Comp. Laws §451.411 et seq.

Definition: “Business of debt management” means providing or offering to provide debt management to 1 or more residents of this state.

“Debt management” means the planning and management of the financial affairs of a debtor and the receipt of money from the debtor for distribution to 1 or more of the debtor’s creditors in payment or partial payment of the debtor’s obligations.