Sec. 507.
A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the administrator, or designee of the administrator, the securities and exchange commission, or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity.
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.