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Michigan Statutes, Title 451

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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

143 sections·Filtered byTitle 451✕

Mich. Comp. Laws § 451.1 Michigan corporation and securities commission; creation; commissioner, term, disqualification; seal; offices.
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Sec. 1. A commission to be known and designated as the Michigan corporation and securities commission is hereby created. Immediately upon the taking effect of this act a corporation and securities commissioner shall be appointed by the governor for the term of 4 years, subject to…
Mich. Comp. Laws § 451.2 Corporation and securities commission; powers; employees, salary; fees.
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Sec. 2. Said commissioner shall have the power to appoint not more than 3 deputy commissioners, who shall have the power and authority to conduct hearings in the several matters submitted to the commissioner for his determination, and to make report of such evidence as may be sub…
Mich. Comp. Laws § 451.3 Michigan securities commission; abolition, transfer of powers and duties to corporation and securities commission; records; fees, taxes and charges.
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Sec. 3. The powers and duties now vested by law in the Michigan securities commission, by virtue of the provisions of Act No. 220, Public Acts of 1923, and the acts amendatory thereof and supplemental thereto, and that conferred under and by virtue of the provisions of Act No. 30…
Mich. Comp. Laws § 451.4 Corporation and securities commission; review of orders; injunctions.

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Sec. 4. Any final order of said commission shall be subject to review in the manner now provided by law for reviewing orders of the Michigan securities commission. In no case, however, shall any injunction or other order issue, suspending or staying any order of the commission, e…

Mich. Comp. Laws § 451.921 Short title.

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Sec. 1. This act shall be known and may be cited as the "uniform prudent management of institutional funds act".

Mich. Comp. Laws § 451.922 Definitions.

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Sec. 2. As used in this act: (a) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community. (b) "Endowm…

Mich. Comp. Laws § 451.923 Institutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing.

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Sec. 3. (1) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (2) In addition to complying with th…

Mich. Comp. Laws § 451.924 Endowment fund assets; appropriation or accumulation; determination; limitation; designation.

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Sec. 4. (1) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment…

Mich. Comp. Laws § 451.925 Management and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees.

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Sec. 5. (1) Subject to any specific limitation set forth in a gift instrument or in law other than this act, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under th…

Mich. Comp. Laws § 451.926 Release or modification of restriction.

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Sec. 6. (1) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A donor may give prior consent to an institution for release …

Mich. Comp. Laws § 451.927 Compliance with act; existing facts and circumstances.

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Sec. 7. Compliance with this act shall be determined in light of the facts and circumstances existing at the time a decision is made or action is taken and not by hindsight.

Mich. Comp. Laws § 451.928 Applicability of act.

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Sec. 8. This act applies to institutional funds existing on or established after the effective date of this act. As applied to institutional funds existing on the effective date of this act, this act governs only decisions made or actions taken on or after that date.

Mich. Comp. Laws § 451.929 Electronic signatures.

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Sec. 9. This act modifies, limits, and supersedes the electronic signatures in the global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c) or authorize electronic delivery of any of the notices described in 15 USC 7003(b).

Mich. Comp. Laws § 451.930 Uniformity of law.

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Sec. 10. In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

Mich. Comp. Laws § 451.931 Applicability; scope.

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Sec. 11. This act applies only to matters included within the meaning of the terms "institution", "institutional fund", and "person" as defined in this act. This act does not apply to or affect the validity, construction, interpretation, effect, administration, or management of a…

Mich. Comp. Laws § 451.302 Protective committees, depositaries and solicitors; definitions.

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Sec. 2. Definitions as used in this act are as follows: (a) The term "commission" means the public trust commission as hereinbefore created. (b) The term "person" or "persons" shall include natural persons, corporations, partnerships, associations, companies, and syndicates. (c) …

Mich. Comp. Laws § 451.303 Protective committees, depositaries and solicitors; license applications, fees, hearing, bonds; inactive committee or depositary; names, inspection.

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Sec. 3. It shall be unlawful for any person to act as a member of a protective committee, as a depositary or as a solicitor in this state for the purpose of procuring the modification and/or amendment and/or foreclosure of any instrument in writing securing any issue of bonds, no…

Mich. Comp. Laws § 451.304 Protective committees, depositaries and solicitors; licenses, non-resident applicants, filing; service of process.

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Sec. 4. Every applicant for a license who is a non-resident of this state shall file with the application an irrevocable consent that suits and actions arising out of or founded upon any activity of such applicant in this state as a member of a protective committee, as depositary…

Mich. Comp. Laws § 451.305 Protective committees, depositaries and solicitors; licenses, suspension or revocation.

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Sec. 5. The commission shall have the power to suspend or revoke licenses once issued for any practices on the part of the person licensed partaking of, or actually resulting in, fraud, deception or imposition upon the holders or owners of securities whether or not such holders o…

Mich. Comp. Laws § 451.306 Protective committees; statement, contents; application to solicit security holders.

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Sec. 6. Before any protective committee now in existence or hereafter formed, shall employ solicitors, or itself solicit, the deposit of securities with a depositary under a protective agreement and/or the consent of holders or owners of securities to a protective agreement, it s…

Mich. Comp. Laws § 451.307 Protective committees; solicitation of security holders; fraud, conditions, limitation of charges.

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Sec. 7. The right to solicit the deposit of securities by, and/or the consent to a protective committee agreement of, the holders or owners of securities in this state by protective committees organized after this act goes into effect shall not be granted by the commission in any…

Mich. Comp. Laws § 451.308 Protective committees; notice to issuer of security, objections, hearing.

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Sec. 8. Before said commission shall authorize a protective committee which is organized after this act goes into effect to solicit, either through its members or its employes, the deposit of securities and/or the consent of holders or owners of securities, it shall cause notice …

Mich. Comp. Laws § 451.309 Protective committees; records and reports.

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Sec. 9. Every protective committee now in existence or hereafter to be formed shall keep a written record of its meetings, doings and activities and it shall file with the commission at least as often as once each month a written report under oath of its meetings, doings and acti…

Mich. Comp. Laws § 451.310 Protective committees; authority to take action.

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Sec. 10. No protective committee, either now in existence or hereafter to be organized, shall take or authorize the taking of any action by suit or otherwise, against the property and/or business with respect to which a security was issued and/or against any person or persons lia…

Mich. Comp. Laws § 451.311 Public trust commission; investigations, audits and appraisals.

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Sec. 11. The said commission is authorized and empowered to make investigations, audits, or appraisals relative to or in connection with the property and/or business located in this state with respect to which the security for the protection of which a protective committee has be…

Mich. Comp. Laws § 451.312 Public trust commission; subpoenas, oaths, records.

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Sec. 12. The said commission is authorized and empowered to issue subpoenas to compel the attendance of witnesses and to compel the production of books, records and documents in connection with any investigation, hearing, or other matter pending before the board, to issue process…

Mich. Comp. Laws § 451.313 Public trust commission; investigations; costs; audits and appraisals.

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Sec. 13. Any person interested in any security in connection with which a protective committee is organized may request the commission to make an investigation, audit, or appraisal and report with respect to the property or business to which the security pertains. However, before…

Mich. Comp. Laws § 451.315 Public trust commission; suspension of orders, grounds, procedure.

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Sec. 15. The commission may temporarily suspend any of its orders when it appears to such commission that the terms of an order have been or are about to be violated but no such suspension order shall be effective for longer than 10 days unless the commission shall within such ti…

Mich. Comp. Laws § 451.316 Aggrieved parties; action in circuit court.

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Sec. 16. Any person aggrieved by any order or action of the commission may apply to the circuit court of which such person is a resident or to the circuit court for Ingham county for any relief to which said person shall deem himself entitled, and in said suit the members of said…

Mich. Comp. Laws § 451.317 Fiduciary's relation to security holders; reports of purchases.

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Sec. 17. All mortgagors and all persons who are depositaries, solicitors, and members of protective committees shall be deemed to be in a fiduciary relationship to the holders or owners of the securities with respect to which they are mortgagors, depositaries, solicitors, and mem…

Mich. Comp. Laws § 451.318 Construction of act; severing clause.

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Sec. 18. The provisions of this act shall be liberally construed to the end that the purposes thereof may be accomplished by preventing fraud, deception and damage on holders or owners of securities. Should any section or clause of this act be declared invalid by any court of las…

Mich. Comp. Laws § 451.318a Bonds; exception from act; securities exempt from blue sky law and mortgage tax act.

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Sec. 18a. The provisions of this act shall not be construed to apply to the bonds and other obligations issued by the United States government, by any state of the United States, or by any political subdivision thereof, or by any assessment district. The exchange of securities fo…

Mich. Comp. Laws § 451.319 Violation of act; penalty.

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Sec. 19. Any person violating any of the provisions of sections 3, 5, 6, 9, 10 and 17 shall be punished by a fine of not less than 500 dollars nor more than 5,000 dollars, together with costs of prosecution, or by imprisonment in the Michigan reformatory at Ionia, state prison or…

Mich. Comp. Laws § 451.411 Short title.

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Sec. 1. This act shall be known as the "debt management act," and shall be broadly construed to effectuate its purpose of providing protection to the public.

Mich. Comp. Laws § 451.412 Definitions.

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Sec. 2. As used in this act: (a) "Business of debt management" means providing or offering to provide debt management to 1 or more residents of this state. (b) "Certified counselor" means an individual who is certified by a training program or certifying organization, approved by…

Mich. Comp. Laws § 451.413 Business of debt management as financial planning service requiring license; exception.

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Sec. 3. (1) Except as provided in subsection (2), a person engaged in the business of debt management is rendering a financial planning service and must obtain a license under this act. (2) Subsection (1) does not apply to the following when engaged in the regular course of their…

Mich. Comp. Laws § 451.414 License required; contract made by unlicensed person void; persons eligible for exemption.

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Sec. 4. (1) A person located within or outside of the boundaries of this state shall not engage in the business of debt management without first obtaining a license under this act. A contract to provide debt management made by a person without a license is null and void. (2) The …

Mich. Comp. Laws § 451.415 License; application; filing requirements; expiration and renewal of license; books and records; financial statement; licensee with board of directors or equivalent.

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Sec. 5. (1) An applicant for a license to engage in the business of debt management shall file an application with the director in writing and under oath that includes all of the following: (a) The name and exact address of the applicant and the name and address of each of the fo…

Mich. Comp. Laws § 451.416 License; investigation; grounds for issuance or nonissuance; evidence of certification as certified counselor.

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Sec. 6. (1) If it receives a license application under this act and approves the fees and surety bond, the department shall investigate the applicant's responsibility, experience, character, and general fitness. If the result of the investigation warrants a belief that the applic…

Mich. Comp. Laws § 451.417 Applicability of examination provisions.

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Sec. 7. Except as provided in this act, the examination provisions of this act shall not apply to the existing officers, directors, partners, or individual owners of currently licensed debt management businesses unless any of those persons cease to be engaged in the debt manageme…

Mich. Comp. Laws § 451.418 License renewal; application; fee; financial statements; failure to pay fee or penalty.

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Sec. 8. (1) Before December 1 of each year, a licensee shall file an application with the department for renewal of its license. The application shall be on the form prescribed by the department. The licensee shall include with the application a renewal fee of $50.00 for each off…

Mich. Comp. Laws § 451.418a Fraud; notice of intent to prohibit licensure; hearing; order; judicial review; enforcement; violation of final order as misdemeanor; penalty; definitions.

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Sec. 8a. (1) If in the opinion of the director an individual has engaged in fraud, the director may serve on that individual a written notice of intention to prohibit that individual from being licensed under this act, licensed or registered under any of the financial licensing a…

Mich. Comp. Laws § 451.419 License; grounds for denial, revocation, suspension, or postponement; notice; proceedings.

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Sec. 9. (1) The director may deny, revoke, suspend, or postpone a license issued or applied for under this act for any of the following: (a) Conviction of a felony or of a misdemeanor involving moral turpitude. (b) Violating any of the provisions of this act or rules promulgated …

Mich. Comp. Laws § 451.420 Rules; rights, remedies, and procedures.

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Sec. 10. Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws, shall wherever applicable herein, govern the rules promulgated and rights, remedies, and procedures respecting the administration of this act.

Mich. Comp. Laws § 451.421 License; applicable provisions.

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Sec. 11. All of the following apply to a license: (a) The director shall prescribe the form and size of a license. (b) A license shall show the name of the licensee and the address at which the business of debt management is to be conducted. (c) A license shall show the date of e…

Mich. Comp. Laws § 451.422 Budget analysis.

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Sec. 12. (1) A licensee may enter into a contract or agreement to provide debt management services to a debtor only if the licensee has conducted a written and thorough budget analysis of the debtor and made a determination, based on the analysis of the information provided by th…

Mich. Comp. Laws § 451.423 Initial fee; consent of creditor; presumption.

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Sec. 13. (1) When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00. (2) A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of th…

Mich. Comp. Laws § 451.424 Contract between licensee and debtor; requirements.

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Sec. 14. (1) A contract between a licensee and debtor shall include all of the following: (a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount…

Mich. Comp. Laws § 451.425 Trust account.

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Sec. 15. (1) Subject to subsection (6), payments received by a licensee from or on behalf of a debtor for the benefit of a creditor shall be held in a trust account at a financial institution whose deposits are insured by an agency of the United States government. Each licensee s…

Mich. Comp. Laws § 451.426 Duties of licensee.

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Sec. 16. (1) A licensee shall do all of the following: (a) Create and maintain records of the accounts, contracts, correspondence, memoranda, papers, books, and other records of the debt management business. If the licensee elects not to retain original records, the licensee may …