Mich. Admin. Code R. 436.1059 - Dishonored payment

Rule 59.

(1) A licensee, or the clerk, servant, agent, or employee of a licensee, shall not make payment to the commission or the state of Michigan by any means that will be dishonored by a financial institution for lack of sufficient funds or for any other reason.

(2) If a licensee makes 5 or more dishonored payments under subrule (1) of this rule in a 24-month consecutive period, then the commission shall, in a written order, require the licensee to make payments to the commission by cash or other means required by the commission for a period of not less than 6 months.

(3) If a licensee received an order from the commission issued under subrule (2) of this rule, and the licensee then makes any additional dishonored payments within 36 months from the last dishonored payment, then the commission shall require the licensee, in a written order, to make payments to the commission by cash or other means required by the commission for a period of not less than 6 months for each subsequent dishonored payment.

Notes

Mich. Admin. Code R. 436.1059

1979 AC; 2000 AACS; 2016 MR 23, Eff. 12/20/2016