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Michigan Statutes, Title 451

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Michigan/Statutes

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Title 451, SECURITIES, REAL ESTATE, AND DEBT MANAGEMENT

15 chapters · 143 sections in this title.

All chapters in Title 451143 Ch 551-of-2008, UNIFORM SECURITIES ACT (2002)75 Ch 148-of-1975, DEBT MANAGEMENT ACT28 Ch 89-of-1933, PROTECTIVE COMMITTEES18 Ch 87-of-2009, UNIFORM PRUDENT MANAGEMENT OF INSTIT…11 Ch 210-of-1933, TRUST MORTGAGE FORECLOSURE5 Ch 13-of-1935, MICHIGAN CORPORATION AND SECURITIES …4 Ch 275-of-1937, REAL ESTATE BONDS AND SECURITIES2

75 sections·Filtered byTitle 451✕Ch 551-of-2008✕

Mich. Comp. Laws § 451.2101 Short title.
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Sec. 101. This act shall be known and may be cited as the "uniform securities act (2002)".
Mich. Comp. Laws § 451.2102 Definitions; A to G.
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Sec. 102. As used in this act, unless the context otherwise requires: (a) "Administrator" means the office of financial and insurance regulation of the department of energy, labor, and economic growth. (b) "Agent" means an individual other than a broker-dealer who represents a br…
Mich. Comp. Laws § 451.2102a Definitions; I.
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Sec. 102a. As used in this act, unless the context otherwise requires: (a) "Institutional investor" means any of the following, whether acting for itself or for others in a fiduciary capacity: (i) A depository institution or international banking institution. (ii) An insurance co…
Mich. Comp. Laws § 451.2102b Definitions; N to R.
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Sec. 102b. As used in this act, unless the context otherwise requires: (a) "Nonissuer transaction" or "nonissuer distribution" means a transaction or distribution not directly or indirectly for the benefit of the issuer. (b) "Offer to purchase" includes an attempt or offer to obt…

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Mich. Comp. Laws § 451.2102c Definitions; S.

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Sec. 102c. As used in this act, unless the context otherwise requires: (a) "Sale" includes every contract of sale, contract to sell, or disposition of, a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitati…

Mich. Comp. Laws § 451.2103 Additional definitions.

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Sec. 103. (1) Subject to subsection (2), as used in this act: (a) "Commodity exchange act" means the commodity exchange act, 7 USC 1 to 27f. (b) "Electronic signatures in global and national commerce act" means the electronic signatures in global and national commerce act, 15 USC…

Mich. Comp. Laws § 451.2104 Reference to agency or department.

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Sec. 104. Any reference in this act to an agency or department of the United States is also a reference to any successor agency, department, or entity of that agency or department.

Mich. Comp. Laws § 451.2105 Applicability of act.

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Sec. 105. This act modifies, limits, and supersedes the electronic signatures in global and national commerce act, but does not modify, limit, or supersede section 101(c) of that act, 15 USC 7001, or authorize electronic delivery of any of the notices described in section 103(b) …

Mich. Comp. Laws § 451.2201 Securities exempt from MCL 451.2301 to 451.2306 and MCL 451.2504.

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Sec. 201. The following securities are exempt from the requirements of sections 301 to 306 and 504: (a) A security, including a revenue obligation or a separate security as defined in rule 131 adopted under the securities act of 1933, 17 CFR 230.131, issued, insured, or guarantee…

Mich. Comp. Laws § 451.2202 Securities exempt from MCL 451.2301 to 451.2306 and MCL 451.2504.

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Sec. 202. (1) The following transactions are exempt from the requirements of sections 301 to 306 and 504: (a) An isolated nonissuer transaction, whether effected by or through a broker-dealer or not. (b) A nonissuer transaction by or through a broker-dealer registered or exempt f…

Mich. Comp. Laws § 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 invests locally exemption."

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Sec. 202a. (1) Except as otherwise provided in this act, an offer or sale of a security by an issuer is exempt from the requirements of sections 301 to 306 and 504 if the offer or sale meets all of the following requirements: (a) The issuer of the security is an entity that is in…

Mich. Comp. Laws § 451.2203 Rule or order; exemptions and waivers.

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Sec. 203. A rule or order under this act may exempt a security, transaction, or offer, or a rule or order under this act may exempt a class of securities, transactions, or offers, from any or all of the requirements of sections 301 to 306 and 504, and a rule or order under this a…

Mich. Comp. Laws § 451.2204 Denial, suspension, revocation, condition, or limitation of exemption.

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Sec. 204. (1) Except with respect to a federal covered security or a transaction involving a federal covered security, an order of the administrator under this act may deny or suspend application of, condition, limit, or revoke an exemption created under section 201(c)(iii), (g),…

Mich. Comp. Laws § 451.2301 Offer or sale of security; requirements.

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Sec. 301. A person shall not offer or sell a security in this state unless 1 or more of the following are met: (a) The security is a federal covered security. (b) The security, transaction, or offer is exempted from registration under sections 201 to 203. (c) The security is regi…

Mich. Comp. Laws § 451.2302 Notice filing.

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Sec. 302. (1) A rule or order under this act may require the filing of 1 or more of the following records with respect to a security issued by an investment company that is a federal covered security as defined in section 18(b)(2) of the securities act of 1933, 15 USC 77r, that i…

Mich. Comp. Laws § 451.2303 Securities registration by coordination.

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Sec. 303. (1) A security for which a registration statement has been filed under the securities act of 1933 in connection with the same offering may be registered by coordination under this section. (2) A registration statement and accompanying records under this section must con…

Mich. Comp. Laws § 451.2304 Securities registration by qualification.

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Sec. 304. (1) A security may be registered by qualification under this section. (2) A registration statement under this section must contain the information or records specified in section 305, a consent to service of process complying with section 611, and, if provided by rule u…

Mich. Comp. Laws § 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 contract; duration of registration statement; reports; posteffective amendments.

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Sec. 305. (1) A registration statement may be filed by the issuer, a person on whose behalf the offering is to be made, or a broker-dealer registered under this act. (2) A person filing a registration statement shall pay a filing fee of 1/10 of 1% of the maximum aggregate offerin…

Mich. Comp. Laws § 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; modifying or vacating stop order.

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Sec. 306. (1) The administrator may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, a registration statement if the administrator finds that the order is in the public interest and that 1 or more of the following apply: (a) The registr…

Mich. Comp. Laws § 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).

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Sec. 307. The administrator may waive or modify, in whole or in part, any or all of the requirements of sections 302, 303, and 304(2) or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to section 305(9).

Mich. Comp. Laws § 451.2401 Broker-dealer registration; requirements; exemptions; limitation on employment or association; employment or association with certain individuals prohibited; rule or order.

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Sec. 401. (1) A person shall not transact business in this state as a broker-dealer unless the person is registered under this act as a broker-dealer or is exempt from registration as a broker-dealer under subsection (2) or (4). (2) The following persons are exempt from the regis…

Mich. Comp. Laws § 451.2402 Agent registration; requirements; exemptions; employment or association; acting as agent for more than 1 broker-dealer or issuer; exception.

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Sec. 402. (1) An individual shall not transact business in this state as an agent unless the individual is registered under this act as an agent or is exempt from registration as an agent under subsection (2). (2) Each of the following individuals is exempt from the registration …

Mich. Comp. Laws § 451.2403 Investment advisor registration; requirements; exemptions; employment or association with certain individuals prohibited; exception.

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Sec. 403. (1) A person shall not transact business in this state as an investment adviser unless the person is registered under this act as an investment adviser or is exempt from registration as an investment adviser under subsection (2). (2) The following persons are exempt fro…

Mich. Comp. Laws § 451.2404 Investment advisor representative; registration; requirements; exemption; employment or association; transacting business for more than 1 investment adviser; referral fees.

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Sec. 404. (1) An individual shall not transact business in this state as an investment adviser representative unless the individual is registered under this act as an investment adviser representative or is exempt from registration as an investment adviser representative under su…

Mich. Comp. Laws § 451.2405 Federal covered investment adviser; filing requirements; exceptions; notice; effectiveness of filing.

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Sec. 405. (1) Except with respect to a federal covered investment adviser described in subsection (2), a federal covered investment adviser shall not transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies wit…

Mich. Comp. Laws § 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.

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Sec. 406. (1) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 611 and paying the fee specified in section 410 and any reasonable fees ch…

Mich. Comp. Laws § 451.2407 Succession or change in registration of broker-dealer or investment adviser; change in organization, name, or control.

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Sec. 407. (1) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration …

Mich. Comp. Laws § 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 termination of registration or application; reinstatement.

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Sec. 408. (1) If an agent registered under this act terminates employment by or association with a broker-dealer or issuer, or if an investment adviser representative registered under this act terminates employment by or association with an investment adviser or federal covered i…

Mich. Comp. Laws § 451.2409 Withdrawal of registration by broker-dealer, agent, investment adviser, or investment adviser representative.

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Sec. 409. Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative is effective 60 days after an application to withdraw is filed or within a shorter period as provided by rule or order under this act, unless a revocation or s…

Mich. Comp. Laws § 451.2410 Filing fees.

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Sec. 410. (1) Before October 1, 2027, a person shall pay a fee of $300.00 when initially filing an application for registration as a broker-dealer and a fee of $300.00 when filing a renewal of registration as a broker-dealer. After September 30, 2027, a person shall pay a fee of …

Mich. Comp. Laws § 451.2411 Financial requirements; reports; records; audits or inspections; custody and discretionary authority bond or insurance; furnishing information to clients; continuing education.

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Sec. 411. (1) Subject to section 15(h) of the securities act of 1934, 15 USC 78o, or section 222 of the investment advisers act of 1940, 15 USC 80b-18a, a rule or order under this act may establish minimum financial requirements for broker-dealers registered or required to be reg…

Mich. Comp. Laws § 451.2412 Denial, revocation, suspension, withdrawal, restriction, condition, or limitation of registration; discipline; examination; summary actions; liability of control person; limitation on proceeding.

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Sec. 412. (1) If the administrator finds that the order is in the public interest and subsection (4) authorizes the action, an order under this act may deny an application or condition or limit registration of an applicant to be a broker-dealer, agent, investment adviser, or inve…

Mich. Comp. Laws § 451.2413 Broker-dealer acting as finder; prohibited conduct.

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Sec. 413. A broker-dealer acting as a finder shall not do any of the following: (a) Take possession of funds or securities in connection with the transaction for which payment is made for services as a finder. (b) Fail to disclose clearly and conspicuously in writing to all perso…

Mich. Comp. Laws § 451.2451 Definitions.

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Sec. 451. As used in this article: (a) "Intrastate offering exemption" means the exemption described in section 202a or any other exemption from federal securities regulation under 15 USC 77c(a)(11) and SEC rule 147, 17 CFR 230.147, 15 USC 77e and SEC rule 147A, 17 CFR 230.147A. …

Mich. Comp. Laws § 451.2453 Transaction of business as Michigan investment market; registration required.

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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.

Mich. Comp. Laws § 451.2455 Michigan investment market; registration requirements.

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Sec. 455. (1) A person shall register as a Michigan investment market by filing a written application, filing a consent to service of process that complies with section 611, and paying the fee specified in section 457. Subject to section 461, if a person complies with this articl…

Mich. Comp. Laws § 451.2457 Filing fees.

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Sec. 457. (1) A person shall pay a fee of $500.00 when initially filing an application for registration as a Michigan investment market and a fee of $250.00 when filing a renewal of registration as a Michigan investment market. (2) If an initial or renewal registration applicatio…

Mich. Comp. Laws § 451.2459 Records; examination or inspection; report.

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Sec. 459. (1) A Michigan investment market that is registered or is required to register under this article must make a written or electronic record of each transaction conducted between users through the Michigan investment market, maintain that record for at least 7 years after…

Mich. Comp. Laws § 451.2461 Registration application; notice of filing; duties of administrator; factors to be considered; order; sanctions; discipline; proceeding.

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Sec. 461. (1) When the administrator receives an application for registration as a Michigan investment market, the administrator shall publish notice of the filing on a website managed by the administrator, where interested persons are provided an opportunity to submit written in…

Mich. Comp. Laws § 451.2463 Servicing; requirements.

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Sec. 463. (1) A Michigan investment market may not service a business if the business has already utilized the services of a portal, market, or exchange that facilitates a secondary market for intrastate securities, rather than facilitates securities transactions for original pur…

Mich. Comp. Laws § 451.2465 Prohibited conduct.

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Sec. 465. (1) A Michigan investment market shall not do any of the following: (a) Sell or otherwise distribute to any third party personal identifying information of an individual without his or her written consent. (b) In confirming whether an individual is a resident of this st…

Mich. Comp. Laws § 451.2467 Individual shown to be out-of-state resident; prima facie evidence of residency.

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Sec. 467. (1) An individual's participation in a Michigan investment market in this state is considered a representation that he or she is a resident of this state. If it is subsequently shown that an individual was not a resident of this state at the time of his or her participa…

Mich. Comp. Laws § 451.2469 Rules; compliance with state or federal statute, rule, or regulation.

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Sec. 469. (1) The department may promulgate any rules that the administrator considers necessary to administer this article if those rules are consistent with the provisions of this act. (2) Nothing in this article exempts any person to which this article is subject from complyin…

Mich. Comp. Laws § 451.2501 Unlawful conduct; fraud.

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Sec. 501. It is unlawful for a person, in connection with the offer, sale, or purchase of a security or the organization or operation of a Michigan investment market under article 4A, to directly or indirectly do any of the following: (a) Employ a device, scheme, or artifice to d…

Mich. Comp. Laws § 451.2502 Investment advice or publications; prohibited conduct; rule or order.

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Sec. 502. (1) It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities, or that, for compensation and a…

Mich. Comp. Laws § 451.2503 Civil action or administrative proceeding; burden of proof.

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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 thi…

Mich. Comp. Laws § 451.2504 Sales and advertising literature; filing.

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Sec. 504. (1) Subject to subsection (2), a rule or order under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice addressed or intended for dist…

Mich. Comp. Laws § 451.2505 Misleading filings.

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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 con…

Mich. Comp. Laws § 451.2506 Misrepresentations concerning registration or exemption.

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Sec. 506. The filing of an application for registration, a registration statement, a notice filing under this act, or the registration of a person, the notice filing by a person, or the registration of a security under this act does not constitute a finding by the administrator t…

Mich. Comp. Laws § 451.2507 Immunity from liability.

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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 defamatio…