Michigan Office of Administrative Hearings and Rules
AGENCY REPORT TO THE
JOINT COMMITEE ON ADMNINISTRATIVE RULES (JCAR)
1. Agency Information
Agency name:
Insurance and Financial Services
Division/Bureau/Office:
Financial Institutions
Name of person completing this form:
Ryan Durkin
Phone number of person completing this form:
517-284-8609
E-mail of person completing this form:
Name of Department Regulatory Affairs Officer reviewing this form:
Jeff Hayden
2. Rule Set Information
MOAHR assigned rule set number:
2023-44 IF
Title of proposed rule set:
Debt Management
3. Purpose for the proposed rules and background:
This existing rule set, R 451.1221 to R 451.1246, implements and enforces the Debt Management Act
(“DMA”), MCL 451.411 to 451.437. The proposed rules would add clarity to firms regulated under
the DMA and existing rules by: (1) requiring books and records to be kept current on a monthly basis;
(2) updating references to a firm’s “manual” under R 451.1237; (3) clarifying requirements for the
licensee’s budget analysis of the debtor; and (4) making other clarifying changes to the regulatory
requirements under the DMA.
4. Summary of proposed rules:
This existing rule set, R 451.1221 to R 451.1246, implements and enforces the Debt Management Act
(“DMA”), MCL 451.411 to 451.437. The proposed rules would add clarity to firms regulated under
the DMA and existing rules by: (1) requiring books and records to be kept current on a monthly basis;
(2) updating references to a firm’s “manual” under R 451.1237; (3) clarifying requirements for the
licensee’s budget analysis of the debtor; and (4) making other clarifying changes to the regulatory
requirements under the DMA.
5. List names of newspapers in which the notice of public hearing was published and
publication dates:
MCL 24.242 and 24.245