DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES
DEBT MANAGEMENT
Filed with the secretary of state on July 1, 2024
These rules become effective immediately after filing with the secretary of state
unless adopted under section 33, 44, or 45a(9) of the administrative procedures act of
1969, 1969 PA 306, MCL 24.233, 24.244, or 24.245a. Rules adopted under these sections
become effective 7 days after filing with the secretary of state.
(By authority conferred on the director of the department of insurance and financial
services by section 22 of the debt management act, 1975 PA 148, MCL 451.432)
R 451.1227, R 451.1237, and R 451.1239 of the Michigan Administrative Code are
amended, as follows:
R 451.1227 Books and records.
Rule 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.
R 451.1237 Procedures; review.
Rule 17. (1) Each firm shall prepare and maintain written policies and procedures for
compliance with the act.
(2) Each firm shall provide each certified counselor of the firm with the written policies
and procedures.
February 15, 2024