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MI SB0656
Bill
AI Summary
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Amends the definition of "collection agency" to clarify that forwarding agencies are not required to be licensed if they only forward claims or repossession assignments to licensed collection agencies or exempt persons.
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Excludes from licensing requirements claim forwarders and remarketers who forward repossession assignments to licensed collection agencies on behalf of creditors.
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Excludes from licensing requirements persons who procure auction or remarketing services for the disposition of previously repossessed property on behalf of creditors.
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Clarifies that communications between forwarders and creditors or collection agencies regarding forwarding or remarketing activities are not subject to collection practice regulations.
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Effective date: September 7, 2016 (90 days after enactment on June 8, 2016).
Legislative Description
Occupations; collection practices; applicability of collection practices provisions of occupational code to repossession and certain other collection practices; modify. Amends sec. 901 of 1980 PA 299 (MCL 339.901).
State agencies (existing): licensing and regulatory affairs
Last Action
Assigned Pa 0167'16 With Immediate Effect
8/3/2016