Sec. 453.
Beginning May 1, 2015, a person shall not transact business in this state as a Michigan investment market unless the person is registered under this article as a Michigan investment market.
History: Add. 2014, Act 355, Imd. Eff. Oct. 21, 2014 ;-- Am. 2014, Act 415, Imd. Eff. Dec. 30, 2014 Compiler's Notes: Enacting section 1 of Act 355 of 2014 provides:"Enacting section 1. It is the intent of the legislature by enacting this amendatory act to regulate a class of intrastate broker-dealers that is exempt under section 15(a)(1) of the securities exchange act of 1934, 15 USC 78o, and that will facilitate intrastate securities transactions among persons of this state."Enacting section 1 of Act 415 of 2014 provides:"Enacting section 1. By enactment of this amendatory act, it is the intent of the legislature to delay implementation of the requirements of article 4A of the uniform securities act (2002), 2008 PA 551, MCL 451.2451 to 451.2469, concerning Michigan investment markets, until May 1, 2015."
Structure Michigan Compiled Laws
Chapter 451 - Securities, Real Estate, and Debt Management
Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)
Article 4A - Michigan Investment Markets (451.2451...451.2469)
Section 451.2451 - Definitions.
Section 451.2453 - Transaction of Business as Michigan Investment Market; Registration Required.
Section 451.2455 - Michigan Investment Market; Registration Requirements.
Section 451.2457 - Filing Fees.
Section 451.2459 - Records; Examination or Inspection; Report.
Section 451.2463 - Servicing; Requirements.
Section 451.2465 - Prohibited Conduct.
Section 451.2467 - Individual Shown to Be Out-of-State Resident; Prima Facie Evidence of Residency.
Section 451.2469 - Rules; Compliance With State or Federal Statute, Rule, or Regulation.