MI SB0947

Permits out-of-state collection agencies to submit compliance attestation reports from certified public accountants instead of undergoing department audits, in place of the standard audit requirement.

Allows the department to charge out-of-state collection agencies for audit expenses in accordance with standardized travel regulations of the department of technology, management and budget.

Requires collection agencies to maintain books and records in Michigan if located in the state, but permits out-of-state agencies to keep records either in Michigan or in their home state.

Establishes penalties for licensees that fail to pay audit expenses, fail to allow audits, or commit other violations including failure to preserve records, submit annual reports, or maintain surety bonds.