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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,...