Section 451.422 - Budget analysis.
DEBT MANAGEMENT ACT (EXCERPT)
Act 148 of 1975
451.422 Budget analysis.
Sec. 12.
Before a contract is formed between a licensee and a debtor, a thorough and written budget analysis shall be compiled and a copy delivered to the debtor. A licensee shall not accept an account unless a written and thorough budget analysis indicates that the debtor can reasonably meet the requirements required by the budget analysis. The budget analysis shall contain all of the following information about the debtor:
(a) Name and address.
(b) Marital status and number of dependents.
(c) Amount and source of all employment compensation, payments from government programs, child support and alimony payments, and other income.
(d) Number of exemptions claimed on the debtor's most recent federal income tax return.
(e) Gross income per pay period, type and amount of all payroll deductions, and net income per pay period.
(f) Monthly home mortgage or rental payment. If the home mortgage payment does not include an escrow for real estate taxes, the budget analysis shall contain the amount and due dates of the real estate taxes on the property.
(g) Type and amount of all other fixed periodic payments.
(h) Type and amount of food, clothing, utility, vehicle, insurance, and all other living expenses.
(i) List of creditors included in the plan.
(j) A description of and amount owed for any outstanding garnishments and judgments.
(k) Periodic amount available for payment toward a debt management plan.
History: 1975, Act 148, Eff. Mar. 31, 1976 ;-- Am. 2000, Act 255, Imd. Eff. June 29, 2000
Compiler's Notes: For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.