Sec. 503.
(1) In a civil action or administrative proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the exemption, exception, preemption, or exclusion.
(2) In a criminal proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim.
History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
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 5 - Fraud and Liabilities (451.2501...451.2510)
Section 451.2501 - Unlawful Conduct; Fraud.
Section 451.2502 - Investment Advice or Publications; Prohibited Conduct; Rule or Order.
Section 451.2503 - Civil Action or Administrative Proceeding; Burden of Proof.
Section 451.2504 - Sales and Advertising Literature; Filing.
Section 451.2505 - Misleading Filings.
Section 451.2506 - Misrepresentations Concerning Registration or Exemption.
Section 451.2507 - Immunity From Liability.