Michigan Collections Manager License Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Michigan Collections Manager License Test with flashcards and multiple choice questions. Each question is equipped with hints and detailed explanations to enhance your understanding and readiness.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What must the notice of disposition indicate regarding the secured party's contact?

The email address of the secured party
The physical address of the secured party
The alternative phone number of the secured party
The telephone number of the secured party

The correct answer is: The telephone number of the secured party

The notice of disposition must indicate the telephone number of the secured party because it ensures that the debtor or any interested party can easily reach out to the secured party for inquiries, clarifications, or to exercise their rights regarding the collateral. This requirement is rooted in the principle of providing transparency and facilitating communication. Having a telephone number included allows for immediate contact, which is often more accessible than other forms of communication, such as email or physical mail. This is particularly important in the context of secured transactions, where time-sensitive decisions may need to be made regarding the disposition of collateral. While other contact details like email and physical address can be important, the telephone number specifically supports prompt communication, which is crucial in the collection process.