Michigan Office of Administrative Hearings and Rules
Administrative Rules Division (ARD)
REQUEST FOR RULEMAKING (RFR)
1. Department:
Insurance and Financial Services
2. Bureau:
Financial Institutions
3. Promulgation type:
Full Process
4. Title of proposed rule set:
Debt Management
5. Rule numbers or rule set range of numbers:
R 451.1221 – R 451.1246
6. Estimated time frame:
6 months
Name of person filling out RFR:
Ryan Durkin
Email of person filling out RFR:
Phone number of person filling out RFR:
517-284-8609
Address of person filling out RFR:
530 W Allegan St, 8th Floor, Lansing, MI 48933
7. Describe the general purpose of these rules, including any problems the changes are intended
to address.
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.
8. Please cite the specific promulgation authority for the rules (i.e., department director,
commission, board, etc.).
These rules are promulgated under authority conferred on the director of the Department of Insurance
and Financial Services (“DIFS”) by MCL 451.432 and 451.415(5).
A. Please list all applicable statutory references (MCLs, Executive Orders, etc.).
MCL 451.432; MCL 451.415(5).
B. Are the rules mandated by any applicable constitutional or statutory provision? If so,
please explain.
No, the statutory authority for these rules is permissive.
9. Please describe the extent to which the rules conflict with or duplicate similar rules,
compliance requirements, or other standards adopted at the state, regional, or federal level.
Licensees under the DMA are governed primarily by state law. These rules do not conflict with or
duplicate similar regulations, compliance requirements or other standards adopted at the state,
regional, or federal level.
MCL 24.239