Section 451.1221. Definitions.

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Rule 1. As used in these rules:

(a)   "Act" means Act No. 148 of the Public Acts of 1975, being S451.411 et seq. of the Michigan Compiled Laws, known as the debt   management act.

(b)   "Firm" means a debt management licensee or exempt person.

(c)    "Monthly amortizable amount" means the payment made in equal monthly amounts, extinguishing the fees and charges stated in the contract, less the $25.00 initial fee. No more than 1 monthly fee may be taken   in any calendar month.

(d)    "Qualified person" means a person who has successfully completed the examination required by section 6(3) of the act.

(e)   "Rate" means the percentage of a firm's fees or charges in relation to the debt to be liquidated during the life of the contract.

(f)    "Trainee" means a person who has not successfully completed the qualification examination provided by section 6(3) of the act.

History: 1979 AC.

                    
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