Michigan § 451.414 - License required; contract made by unlicensed person void; persons eligible for exemption.
Full text of Michigan Michigan Compiled Laws § 451.414 — License required; contract made by unlicensed person void; persons eligible for exemption., with citation guidance and answers to common questions.
§ 451.414. License required; contract made by unlicensed person void; persons eligible for exemption.
(1) A person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license under this act. A contract to provide debt management made by a person without a license is null and void.
(2) The department may grant a person that provides debt management services and receives compensation primarily from governmental organizations, governmentally sponsored organizations, charitable trusts, or foundations that have tax-exempt status under section 501(c) of the internal revenue code of 1986, 26 USC 501, an exemption from any provision of this act if the person demonstrates that the person has safeguards in the handling of debtor funds and the department finds that the exemption is in the public interest.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 451.414
What does Michigan Compiled Laws § 451.414 cover?
Section 451.414 ("License required; contract made by unlicensed person void; persons eligible for exemption.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 451.414?
A common citation format is "Michigan Compiled Laws § 451.414" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 451.414 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.