Ask a question on the site
Questions
Lawyers
Blogs
Legislation
Contacts
Become a lawyer
Login Registration
Act 13 of 1935 - Michigan Corporation and Securities Commission (451.1 - 451.4)
Section 451.1 - Michigan Corporation and Securities Commission; Creation; Commissioner, Term, Disqualification; Seal; Offices. - Sec. 1. A commission to be known and designated as...
Section 451.2 - Corporation and Securities Commission; Powers; Employees, Salary; Fees. - Sec. 2. Said commissioner shall have the power to appoint...
Section 451.3 - Michigan Securities Commission; Abolition, Transfer of Powers and Duties to Corporation and Securities Commission; Records; Fees, Taxes and Charges. - Sec. 3. The powers and duties now vested by law...
Section 451.4 - Corporation and Securities Commission; Review of Orders; Injunctions. - Sec. 4. Any final order of said commission shall be...
Act 275 of 1937 - Real Estate Bonds and Securities (451.251 - 451.252)
Section 451.251 - Real Estate Bonds and Securities; Records; Duties of Fiduciaries; Report to Public Trust Commission, Contents; Authority of Commission. - Sec. 1. All persons, firms, associations or corporations acting as...
Section 451.252 - Real Estate Bonds and Securities; Failure to File Reports or Give Information; Authority of Attorney General, Procedure, Requirement; Taxable Costs. - Sec. 2. Upon the failure or refusal of any person,...
Act 89 of 1933 - Protective Committees (451.302 - 451.319)
Section 451.302 - Protective Committees, Depositaries and Solicitors; Definitions. - Sec. 2. Definitions as used in this act are as...
Section 451.303 - Protective Committees, Depositaries and Solicitors; License Applications, Fees, Hearing, Bonds; Inactive Committee or Depositary; Names, Inspection. - Sec. 3. It shall be unlawful for any person to...
Section 451.304 - Protective Committees, Depositaries and Solicitors; Licenses, Non-Resident Applicants, Filing; Service of Process. - Sec. 4. Every applicant for a license who is a...
Section 451.305 - Protective Committees, Depositaries and Solicitors; Licenses, Suspension or Revocation. - Sec. 5. The commission shall have the power to suspend...
Section 451.306 - Protective Committees; Statement, Contents; Application to Solicit Security Holders. - Sec. 6. Before any protective committee now in existence or...
Section 451.307 - Protective Committees; Solicitation of Security Holders; Fraud, Conditions, Limitation of Charges. - Sec. 7. The right to solicit the deposit of securities...
Section 451.308 - Protective Committees; Notice to Issuer of Security, Objections, Hearing. - Sec. 8. Before said commission shall authorize a protective committee...
Section 451.309 - Protective Committees; Records and Reports. - Sec. 9. Every protective committee now in existence or hereafter...
Section 451.310 - Protective Committees; Authority to Take Action. - Sec. 10. No protective committee, either now in existence or...
Section 451.311 - Public Trust Commission; Investigations, Audits and Appraisals. - Sec. 11. The said commission is authorized and empowered to...
Section 451.312 - Public Trust Commission; Subpoenas, Oaths, Records. - Sec. 12. The said commission is authorized and empowered to...
Section 451.313 - Public Trust Commission; Investigations; Costs; Audits and Appraisals. - Sec. 13. Any person interested in any security in connection...
Section 451.315 - Public Trust Commission; Suspension of Orders, Grounds, Procedure. - Sec. 15. The commission may temporarily suspend any of its...
Section 451.316 - Aggrieved Parties; Action in Circuit Court. - Sec. 16. Any person aggrieved by any order or action...
Section 451.317 - Fiduciary's Relation to Security Holders; Reports of Purchases. - Sec. 17. All mortgagors and all persons who are depositaries,...
Section 451.318 - Construction of Act; Severing Clause. - Sec. 18. The provisions of this act shall be liberally...
Section 451.318a - Bonds; Exception From Act; Securities Exempt From Blue Sky Law and Mortgage Tax Act. - Sec. 18a. The provisions of this act shall not be...
Section 451.319 - Violation of Act; Penalty. - Sec. 19. Any person violating any of the provisions of...
Act 210 of 1933 - Trust Mortgage Foreclosure (451.401 - 451.405)
Section 451.401 - Trust Mortgage Foreclosure; Definitions. - Sec. 1. As used in this act: The term “trust...
Section 451.402 - Trust Mortgage Foreclosure; Insufficient Bid; Request for Trustee to Bid, Procedure. - Sec. 2. Upon filing in any circuit court in chancery...
Section 451.403 - Trust Mortgage Foreclosure; Payment to Non-Concurring Holders. - Sec. 3. The court may in its discretion provide in...
Section 451.404 - Trust Mortgage Foreclosure; Trustee, Maintenance and Operation of Property; Sale, Accounting. - Sec. 4. Any property acquired by the trustee as aforesaid...
Section 451.405 - Construction and Application of Act; Severing Clause. - Sec. 5. This act is intended to be remedial and...
Act 148 of 1975 - Debt Management Act (451.411 - 451.437)
Section 451.411 - Short Title. - Sec. 1. This act shall be known as the “debt...
Section 451.412 - Definitions. - Sec. 2. As used in this act: (a) "Business of...
Section 451.413 - Business of Debt Management as Financial Planning Service Requiring License; Exception. - Sec. 3. (1) Except as provided in subsection (2), a...
Section 451.414 - License Required; Contract Made by Unlicensed Person Void; Persons Eligible for Exemption. - Sec. 4. (1) A person located within or outside of...
Section 451.415 - License; Application; Filing Requirements; Expiration and Renewal of License; Books and Records; Financial Statement; Licensee With Board of Directors or Equivalent. - Sec. 5. (1) An applicant for a license to engage...
Section 451.416 - License; Investigation; Grounds for Issuance or Nonissuance; Evidence of Certification as Certified Counselor. - Sec. 6. (1) If it receives a license application under...
Section 451.417 - Applicability of Examination Provisions. - Sec. 7. Except as provided in this act, the examination...
Section 451.418 - License Renewal; Application; Fee; Financial Statements; Failure to Pay Fee or Penalty. - Sec. 8. (1) Before December 1 of each year, a...
Section 451.418a - Fraud; Notice of Intent to Prohibit Licensure; Hearing; Order; Judicial Review; Enforcement; Violation of Final Order as Misdemeanor; Penalty; Definitions. - Sec. 8a. (1) If in the opinion of the director...
Section 451.419 - License; Grounds for Denial, Revocation, Suspension, or Postponement; Notice; Proceedings. - Sec. 9. (1) The director may deny, revoke, suspend, or...
Section 451.420 - Rules; Rights, Remedies, and Procedures. - Sec. 10. Act No. 306 of the Public Acts of...
Section 451.421 - License; Applicable Provisions. - Sec. 11. All of the following apply to a license:...
Section 451.422 - Budget Analysis. - Sec. 12. (1) A licensee may enter into a contract...
Section 451.423 - Initial Fee; Consent of Creditor; Presumption. - Sec. 13. (1) When a licensee establishes a debt management...
Section 451.424 - Contract Between Licensee and Debtor; Requirements. - Sec. 14. (1) A contract between a licensee and debtor...
Section 451.425 - Trust Account. - Sec. 15. (1) Subject to subsection (6), payments received by...
Section 451.426 - Duties of Licensee. - Sec. 16. (1) A licensee shall do all of the...
Section 451.427 - Examination of Licensee. - Sec. 17. The department may examine, without notice, the condition...
Section 451.428 - Fee Under Debt Management Plan; Purchase of Credit Reports or Educational Materials and Products; Charge for Cancellation or Default; When Contract Effective; Cancellation of Contract; Excessive Charge. - Sec. 18. (1) In addition to the fee described in...
Section 451.429 - Prohibited Practices. - Sec. 19. A licensee shall not do any of the...
Section 451.430 - Advertisement. - Sec. 20. (1) This act does not impose any liability,...
Section 451.431 - Assignment of Wages. - Sec. 21. This act shall not be construed as prohibiting...
Section 451.432 - Rules; Decisions, Orders, and Rulings; Electronic Filing. - Sec. 22. (1) The director may promulgate rules pursuant to...
Section 451.433 - Cease and Desist Order; Statement; Misdemeanor; Powers of Department; Court Order; Self-Incrimination; Injunction or Restraining Order; Criminal Proceedings. - Sec. 23. (1) When it appears to the department, either...
Section 451.434 - Violations; Penalties; Jurisdiction; Remedies. - Sec. 24. (1) A licensee who violates a provision of...
Section 451.435 - Statute of Limitations. - Sec. 25. An action brought pursuant to this act shall...
Section 451.436 - Disposition of Fees. - Sec. 26. The fees collected under this act shall be...
Section 451.437 - Repeal of MCL 451.451 to 451.468. - Sec. 27. Act No. 135 of the Public Acts of...
Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)
Section 451.921 - Short Title. - Sec. 1. This act shall be known and may be...
Section 451.922 - Definitions. - Sec. 2. As used in this act: (a) "Charitable purpose"...
Section 451.923 - Institutional Fund; Managing and Investing; Considerations; Requirements; Pooling 2 or More Funds; Rules for Managing and Investing. - Sec. 3. (1) Subject to the intent of a donor...
Section 451.924 - Endowment Fund Assets; Appropriation or Accumulation; Determination; Limitation; Designation. - Sec. 4. (1) Subject to the intent of a donor...
Section 451.925 - Management and Investment; Delegation to External Agent; Duty to Exercise Reasonable Care; Liability; Delegation to Committees, Officers, or Employees. - Sec. 5. (1) Subject to any specific limitation set forth...
Section 451.926 - Release or Modification of Restriction. - Sec. 6. (1) If the donor consents in a record,...
Section 451.927 - Compliance With Act; Existing Facts and Circumstances. - Sec. 7. Compliance with this act shall be determined in...
Section 451.928 - Applicability of Act. - Sec. 8. This act applies to institutional funds existing on...
Section 451.929 - Electronic Signatures. - Sec. 9. This act modifies, limits, and supersedes the electronic...
Section 451.930 - Uniformity of Law. - Sec. 10. In applying and construing this uniform act, consideration...
Section 451.931 - Applicability; Scope. - Sec. 11. This act applies only to matters included within...
Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)
Article 1 - General Provisions (451.2101...451.2105)
Section 451.2101 - Short Title. - Sec. 101. This act shall be known and may be...
Section 451.2102 - Definitions; a to G. - Sec. 102. As used in this act, unless the context...
Section 451.2102a - Definitions; I. - Sec. 102a. As used in this act, unless the context...
Section 451.2102b - Definitions; N to R. - Sec. 102b. As used in this act, unless the context...
Section 451.2102c - Definitions; S. - Sec. 102c. As used in this act, unless the context...
Section 451.2103 - Additional Definitions. - Sec. 103. (1) Subject to subsection (2), as used in...
Section 451.2104 - Reference to Agency or Department. - Sec. 104. Any reference in this act to an agency...
Section 451.2105 - Applicability of Act. - Sec. 105. This act modifies, limits, and supersedes the electronic...
Article 2 - Exemptions From Registration of Securities (451.2201...451.2204)
Section 451.2201 - Securities Exempt From MCL 451.2301 to 451.2306 and MCL 451.2504. - Sec. 201. The following securities are exempt from the requirements...
Section 451.2202 - Securities Exempt From MCL 451.2301 to 451.2306 and MCL 451.2504. - Sec. 202. (1) The following transactions are exempt from the...
Section 451.2202a - Offer or Sale of Security by Issuer; Exemption From MCL 451.2301 to 451.2306 and 451.2504; Requirements; Adjustment; Report; Limitations; Rules; Filing Fee; Website; Violation; "Controlling Person" Defined; Exemption as "Michigan... - Sec. 202a. (1) Except as otherwise provided in this act,...
Section 451.2203 - Rule or Order; Exemptions and Waivers. - Sec. 203. A rule or order under this act may...
Section 451.2204 - Denial, Suspension, Revocation, Condition, or Limitation of Exemption. - Sec. 204. (1) Except with respect to a federal covered...
Article 3 - Registration of Securities and Notice Filings of Federal Covered Securities (451.2301...451.2307)
Section 451.2301 - Offer or Sale of Security; Requirements. - Sec. 301. A person shall not offer or sell a...
Section 451.2302 - Notice Filing. - Sec. 302. (1) A rule or order under this act...
Section 451.2303 - Securities Registration by Coordination. - Sec. 303. (1) A security for which a registration statement...
Section 451.2304 - Securities Registration by Qualification. - Sec. 304. (1) A security may be registered by qualification...
Section 451.2305 - Registration Statement; Persons Permitted to File; Filing Fee; Information; Incorporation by Reference; Nonissuer Distribution; Deposit of Security in Escrow; Impoundment of Proceeds; Conditions; Form of Subscription or Sale Contra... - Sec. 305. (1) A registration statement may be filed by...
Section 451.2306 - Denying, Suspending, or Revoking Effectiveness; Stop Order; Publication of Guidelines, Rules, or Orders; Conditions Prohibiting Issuance of Stop Order; Summary Revocation, Denial, Postponement, or Suspension of Effectiveness; Modif... - Sec. 306. (1) The administrator may issue a stop order...
Section 451.2307 - Waiver or Modification of Requirements of MCL 451.2302, 451.2303, and 451.2304(2), or Certain Requirements of MCL 451.2305(9). - Sec. 307. The administrator may waive or modify, in whole...
Article 4 - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers (451.2401...451.2413)
Section 451.2401 - Broker-Dealer Registration; Requirements; Exemptions; Limitation on Employment or Association; Employment or Association With Certain Individuals Prohibited; Rule or Order. - Sec. 401. (1) A person shall not transact business in...
Section 451.2402 - Agent Registration; Requirements; Exemptions; Employment or Association; Acting as Agent for More Than 1 Broker-Dealer or Issuer; Exception. - Sec. 402. (1) An individual shall not transact business in...
Section 451.2403 - Investment Advisor Registration; Requirements; Exemptions; Employment or Association With Certain Individuals Prohibited; Exception. - Sec. 403. (1) A person shall not transact business in...
Section 451.2404 - Investment Advisor Representative; Registration; Requirements; Exemption; Employment or Association; Transacting Business for More Than 1 Investment Adviser; Referral Fees. - Sec. 404. (1) An individual shall not transact business in...
Section 451.2405 - Federal Covered Investment Adviser; Filing Requirements; Exceptions; Notice; Effectiveness of Filing. - Sec. 405. (1) Except with respect to a federal covered...
Section 451.2406 - Registration by Broker-Dealer, Agent, Investment Adviser, or Investment Adviser Representative; Application; Fee; Correcting Amendment; Effectiveness of Registration; Renewal; Other Conditions or Waivers. - Sec. 406. (1) A person shall register as a broker-dealer,...
Section 451.2407 - Succession or Change in Registration of Broker-Dealer or Investment Adviser; Change in Organization, Name, or Control. - Sec. 407. (1) A broker-dealer or investment adviser may succeed...
Section 451.2408 - Termination of Employment or Association of Agent and Investment Adviser Representative; Notice; Other Employment or Association; Withdrawal of Temporary Registration; Power of Administrator to Prevent Transfer; Cancellation or Ter... - Sec. 408. (1) If an agent registered under this act...
Section 451.2409 - Withdrawal of Registration by Broker-Dealer, Agent, Investment Adviser, or Investment Adviser Representative. - Sec. 409. Withdrawal of registration by a broker-dealer, agent, investment...
Section 451.2410 - Filing Fees. - Sec. 410. (1) Before October 1, 2023, a person shall...
Section 451.2411 - Financial Requirements; Reports; Records; Audits or Inspections; Custody and Discretionary Authority Bond or Insurance; Furnishing Information to Clients; Continuing Education. - Sec. 411. (1) Subject to section 15(h) of the securities...
Section 451.2412 - Denial, Revocation, Suspension, Withdrawal, Restriction, Condition, or Limitation of Registration; Discipline; Examination; Summary Actions; Liability of Control Person; Limitation on Proceeding. - Sec. 412. (1) If the administrator finds that the order...
Section 451.2413 - Broker-Dealer Acting as Finder; Prohibited Conduct. - Sec. 413. A broker-dealer acting as a finder shall not...
Article 4A - Michigan Investment Markets (451.2451...451.2469)
Section 451.2451 - Definitions. - Sec. 451. As used in this article: (a) "Intrastate offering...
Section 451.2453 - Transaction of Business as Michigan Investment Market; Registration Required. - Sec. 453. Beginning May 1, 2015, a person shall not...
Section 451.2455 - Michigan Investment Market; Registration Requirements. - Sec. 455. (1) A person shall register as a Michigan...
Section 451.2457 - Filing Fees. - Sec. 457. (1) A person shall pay a fee of...
Section 451.2459 - Records; Examination or Inspection; Report. - Sec. 459. (1) A Michigan investment market that is registered...
Section 451.2461 - Registration Application; Notice of Filing; Duties of Administrator; Factors to Be Considered; Order; Sanctions; Discipline; Proceeding. - Sec. 461. (1) When the administrator receives an application for...
Section 451.2463 - Servicing; Requirements. - Sec. 463. (1) A Michigan investment market may not service...
Section 451.2465 - Prohibited Conduct. - Sec. 465. (1) A Michigan investment market shall not do...
Section 451.2467 - Individual Shown to Be Out-of-State Resident; Prima Facie Evidence of Residency. - Sec. 467. (1) An individual's participation in a Michigan investment...
Section 451.2469 - Rules; Compliance With State or Federal Statute, Rule, or Regulation. - Sec. 469. (1) The department may promulgate any rules that...
Article 5 - Fraud and Liabilities (451.2501...451.2510)
Section 451.2501 - Unlawful Conduct; Fraud. - Sec. 501. It is unlawful for a person, in connection...
Section 451.2502 - Investment Advice or Publications; Prohibited Conduct; Rule or Order. - Sec. 502. (1) It is unlawful for a person that...
Section 451.2503 - Civil Action or Administrative Proceeding; Burden of Proof. - Sec. 503. (1) In a civil action or administrative proceeding...
Section 451.2504 - Sales and Advertising Literature; Filing. - Sec. 504. (1) Subject to subsection (2), a rule or...
Section 451.2505 - Misleading Filings. - Sec. 505. A person shall not make or cause to...
Section 451.2506 - Misrepresentations Concerning Registration or Exemption. - Sec. 506. The filing of an application for registration, a...
Section 451.2507 - Immunity From Liability. - Sec. 507. A broker-dealer, agent, investment adviser, federal covered investment...
Section 451.2508 - Violations; Penalties. - Sec. 508. (1) A person that willfully violates this act...
Section 451.2509 - Civil Liability; Joint and Several Liability; Statute of Limitations; Violative Contract; Waiver Prohibited; Other Rights or Remedies. - Sec. 509. (1) Enforcement of civil liability under this section...
Section 451.2510 - Purchaser, Seller, or Recipient of Investment Advice; Action Prohibited; False Representation; Security as Void; Damages. - Sec. 510. (1) A purchaser, seller, or recipient of investment...
Article 6 - Administration and Judicial Review (451.2601...451.2612)
Section 451.2601 - Administration of Act. - Sec. 601. (1) The administrator shall administer this act. (2)...
Section 451.2602 - Investigation and Subpoenas; Powers and Authority of Administrator; Failure to Comply; Privilege Against Self-Incrimination; Assistance to Securities Regulator of Another Jurisdiction. - Sec. 602. (1) The administrator may do any of the...
Section 451.2603 - Civil Action; Enforcement; Authority of Court; Bond. - Sec. 603. (1) If it appears to the administrator that...
Section 451.2604 - Enforcement; Order and Notice; Procedure; Final Order; Civil Penalties; Failure to Comply; Enforcement of Order; Petition; Additional Penalty. - Sec. 604. (1) If the administrator determines that a person...
Section 451.2605 - Forms; Orders; Rules; Financial Statement; Interpretative Opinions; Conduct of Hearing. - Sec. 605. (1) The administrator may do any of the...
Section 451.2606 - Availability of Filings to Public. - Sec. 606. (1) The administrator shall maintain, or designate a...
Section 451.2607 - Public Records; Confidentiality. - Sec. 607. (1) Subject to subsection (2), records obtained by...
Section 451.2608 - Uniformity and Cooperation With Other Agencies. - Sec. 608. (1) The administrator shall, in its discretion, cooperate,...
Section 451.2609 - Judicial Review. - Sec. 609. (1) Final orders issued by the administrator under...
Section 451.2610 - Applicability of Sections; Sales or Offers to Sell; Purchases or Offers to Purchase; Offer in This State; Acceptance in This State; Publications; Radio, Television, or Electronic Communication; Prohibited or Actionable Conduct. - Sec. 610. (1) Sections 301, 302, 401(1), 402(1), 403(1), 404(1),...
Section 451.2611 - Service of Process. - Sec. 611. (1) A consent to service of process complying...
Section 451.2612 - Severability Clause. - Sec. 612. If any provision of this act or its...
Article 7 - Transition (451.2701...451.2703)
Section 451.2701 - Effective Date. - Sec. 701. This act takes effect October 1, 2009. History:...
Section 451.2702 - Repeal of MCL 451.501 to 451.818. - Sec. 702. The uniform securities act, 1964 PA 265, MCL...
Section 451.2703 - Pending Actions, Prosecutions, or Proceedings; Predecessor Act. - Sec. 703. (1) The predecessor act exclusively governs all actions,...