Sec. 505.
A person shall not make or cause to be made, in a record that is used in an action or proceeding or filed under this act, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
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.