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Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Thursday, December 19, 2019 11:30:00 AM
Senate: Adjourned until Thursday, December 19, 2019 11:30:00 AM


Michigan Legislature

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MCL Index

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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 451 - SECURITIES, REAL ESTATE, AND DEBT MANAGEMENT
Act 13 of 1935 ‑ MICHIGAN CORPORATION AND SECURITIES COMMISSION (451.1 - 451.4)
     Section 451.1 ‑ Michigan corporation and securities commission; creation; commissioner, term, disqualification; seal; offices.
     Section 451.2 ‑ Corporation and securities commission; powers; employees, salary; fees.
     Section 451.3 ‑ Michigan securities commission; abolition, transfer of powers and duties to corporation and securities commission; records; fees, taxes and charges.
     Section 451.4 ‑ Corporation and securities commission; review of orders; injunctions.
Act 220 of 1923 ‑ Repealed-BLUE SKY LAW (451.101 - 451.133)
Act 306 of 1919 ‑ Repealed-REAL ESTATE BROKERS AND SALESMEN (451.201 - 451.219)
Act 275 of 1937 ‑ REAL ESTATE BONDS AND SECURITIES (451.251 - 451.252)
     Section 451.251 ‑ Real estate bonds and securities; records; duties of fiduciaries; report to public trust commission, contents; authority of commission.
     Section 451.252 ‑ Real estate bonds and securities; failure to file reports or give information; authority of attorney general, procedure, requirement; taxable costs.
Act 89 of 1933 ‑ PROTECTIVE COMMITTEES (451.302 - 451.319)
     Section 451.302 ‑ Protective committees, depositaries and solicitors; definitions.
     Section 451.303 ‑ Protective committees, depositaries and solicitors; license applications, fees, hearing, bonds; inactive committee or depositary; names, inspection.
     Section 451.304 ‑ Protective committees, depositaries and solicitors; licenses, non-resident applicants, filing; service of process.
     Section 451.305 ‑ Protective committees, depositaries and solicitors; licenses, suspension or revocation.
     Section 451.306 ‑ Protective committees; statement, contents; application to solicit security holders.
     Section 451.307 ‑ Protective committees; solicitation of security holders; fraud, conditions, limitation of charges.
     Section 451.308 ‑ Protective committees; notice to issuer of security, objections, hearing.
     Section 451.309 ‑ Protective committees; records and reports.
     Section 451.310 ‑ Protective committees; authority to take action.
     Section 451.311 ‑ Public trust commission; investigations, audits and appraisals.
     Section 451.312 ‑ Public trust commission; subpoenas, oaths, records.
     Section 451.313 ‑ Public trust commission; investigations; costs; audits and appraisals.
     Section 451.315 ‑ Public trust commission; suspension of orders, grounds, procedure.
     Section 451.316 ‑ Aggrieved parties; action in circuit court.
     Section 451.317 ‑ Fiduciary's relation to security holders; reports of purchases.
     Section 451.318 ‑ Construction of act; severing clause.
     Section 451.318a ‑ Bonds; exception from act; securities exempt from blue sky law and mortgage tax act.
     Section 451.319 ‑ Violation of act; penalty.
Act 208 of 1933 ‑ Repealed-TRUST MORTGAGES AND BONDS (451.351 - 451.365)
Act 210 of 1933 ‑ TRUST MORTGAGE FORECLOSURE (451.401 - 451.405)
     Section 451.401 ‑ Trust mortgage foreclosure; definitions.
     Section 451.402 ‑ Trust mortgage foreclosure; insufficient bid; request for trustee to bid, procedure.
     Section 451.403 ‑ Trust mortgage foreclosure; payment to non-concurring holders.
     Section 451.404 ‑ Trust mortgage foreclosure; trustee, maintenance and operation of property; sale, accounting.
     Section 451.405 ‑ Construction and application of act; severing clause.
Act 148 of 1975 ‑ DEBT MANAGEMENT ACT (451.411 - 451.437)
     Section 451.411 ‑ Short title.
     Section 451.412 ‑ Definitions.
     Section 451.413 ‑ Business of debt management as financial planning service requiring license; exception.
     Section 451.414 ‑ License required; contract made by unlicensed person void; persons eligible for exemption.
     Section 451.415 ‑ License; application; filing requirements; expiration and renewal of license; books and records; financial statement; licensee with board of directors or equivalent.
     Section 451.416 ‑ License; investigation; grounds for issuance or nonissuance; evidence of certification as certified counselor.
     Section 451.417 ‑ Applicability of examination provisions.
     Section 451.418 ‑ License renewal; application; fee; financial statements; failure to pay fee or penalty.
     Section 451.418a ‑ Fraud; notice of intent to prohibit licensure; hearing; order; judicial review; enforcement; violation of final order as misdemeanor; penalty; definitions.
     Section 451.419 ‑ License; grounds for denial, revocation, suspension, or postponement; notice; proceedings.
     Section 451.420 ‑ Rules; rights, remedies, and procedures.
     Section 451.421 ‑ License; applicable provisions.
     Section 451.422 ‑ Budget analysis.
     Section 451.423 ‑ Initial fee; consent of creditor; presumption.
     Section 451.424 ‑ Contract between licensee and debtor; requirements.
     Section 451.425 ‑ Trust account.
     Section 451.426 ‑ Duties of licensee.
     Section 451.427 ‑ Examination of licensee.
     Section 451.428 ‑ Fee under debt management plan; purchase of credit reports or educational materials and products; charge for cancellation or default; when contract effective; cancellation of contract; excessive charge.
     Section 451.429 ‑ Prohibited practices.
     Section 451.430 ‑ Advertisement.
     Section 451.431 ‑ Assignment of wages.
     Section 451.432 ‑ Rules; decisions, orders, and rulings; electronic filing.
     Section 451.433 ‑ Cease and desist order; statement; misdemeanor; powers of department; court order; self-incrimination; injunction or restraining order; criminal proceedings.
     Section 451.434 ‑ Violations; penalties; jurisdiction; remedies.
     Section 451.435 ‑ Statute of limitations.
     Section 451.436 ‑ Disposition of fees.
     Section 451.437 ‑ Repeal of MCL 451.451 to 451.468.
Act 135 of 1961 ‑ Repealed-DEBT MANAGEMENT BUSINESS (451.451 - 451.468)
Act 433 of 1996 ‑ Repealed-SECURITY REGISTERED IN BENEFICIARY FORM (451.471 - 451.481)
Act 265 of 1964 ‑ Repealed-UNIFORM SECURITIES ACT (451.501 - 451.818)
Act 179 of 1976 ‑ Repealed-TAKE-OVER OFFERS (451.901 - 451.917)
Act 87 of 2009 ‑ UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (451.921 - 451.931)
     Section 451.921 ‑ Short title.
     Section 451.922 ‑ Definitions.
     Section 451.923 ‑ Institutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing.
     Section 451.924 ‑ Endowment fund assets; appropriation or accumulation; determination; limitation; designation.
     Section 451.925 ‑ Management and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees.
     Section 451.926 ‑ Release or modification of restriction.
     Section 451.927 ‑ Compliance with act; existing facts and circumstances.
     Section 451.928 ‑ Applicability of act.
     Section 451.929 ‑ Electronic signatures.
     Section 451.930 ‑ Uniformity of law.
     Section 451.931 ‑ Applicability; scope.
Act 157 of 1976 ‑ Repealed-UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (451.1201 - 451.1210)
Act 551 of 2008 ‑ UNIFORM SECURITIES ACT (2002) (451.2101 - 451.2703)
     551‑2008‑1 ‑ ARTICLE 1 GENERAL PROVISIONS (451.2101...451.2105)
          Section 451.2101 ‑ Short title.
          Section 451.2102 ‑ Definitions; A to G.
          Section 451.2102a ‑ Definitions; I.
          Section 451.2102b ‑ Definitions; N to R.
          Section 451.2102c ‑ Definitions; S.
          Section 451.2103 ‑ Additional definitions.
          Section 451.2104 ‑ Reference to agency or department.
          Section 451.2105 ‑ Applicability of act.
     551‑2008‑2 ‑ ARTICLE 2 EXEMPTIONS FROM REGISTRATION OF SECURITIES (451.2201...451.2204)
          Section 451.2201 ‑ Securities exempt from MCL 451.2301 to 451.2306 and MCL 451.2504.
          Section 451.2202 ‑ Securities exempt from MCL 451.2301 to 451.2306 and MCL 451.2504.
          Section 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."
          Section 451.2203 ‑ Rule or order; exemptions and waivers.
          Section 451.2204 ‑ Denial, suspension, revocation, condition, or limitation of exemption.
     551‑2008‑3 ‑ ARTICLE 3 REGISTRATION OF SECURITIES AND NOTICE FILINGS OF FEDERAL COVERED SECURITIES (451.2301...451.2307)
          Section 451.2301 ‑ Offer or sale of security; requirements.
          Section 451.2302 ‑ Notice filing.
          Section 451.2303 ‑ Securities registration by coordination.
          Section 451.2304 ‑ Securities registration by qualification.
          Section 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.
          Section 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.
          Section 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).
     551‑2008‑4 ‑ ARTICLE 4 BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (451.2401...451.2413)
          Section 451.2401 ‑ Broker-dealer registration; requirements; exemptions; limitation on employment or association; employment or association with certain individuals prohibited; rule or order.
          Section 451.2402 ‑ Agent registration; requirements; exemptions; employment or association; acting as agent for more than 1 broker-dealer or issuer; exception.
          Section 451.2403 ‑ Investment advisor registration; requirements; exemptions; employment or association with certain individuals prohibited; exception.
          Section 451.2404 ‑ Investment advisor representative; registration; requirements; exemption; employment or association; transacting business for more than 1 investment adviser; referral fees.
          Section 451.2405 ‑ Federal covered investment adviser; filing requirements; exceptions; notice; effectiveness of filing.
          Section 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.
          Section 451.2407 ‑ Succession or change in registration of broker-dealer or investment adviser; change in organization, name, or control.
          Section 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.
          Section 451.2409 ‑ Withdrawal of registration by broker-dealer, agent, investment adviser, or investment adviser representative.
          Section 451.2410 ‑ Filing fees.
          Section 451.2411 ‑ Financial requirements; reports; records; audits or inspections; custody and discretionary authority bond or insurance; furnishing information to clients; continuing education.
          Section 451.2412 ‑ Denial, revocation, suspension, withdrawal, restriction, condition, or limitation of registration; discipline; examination; summary actions; liability of control person; limitation on proceeding.
          Section 451.2413 ‑ Broker-dealer acting as finder; prohibited conduct.
     551‑2008‑4A ‑ ARTICLE 4A MICHIGAN INVESTMENT MARKETS (451.2451...451.2469)
          Section 451.2451 ‑ Definitions.
          Section 451.2453 ‑ Transaction of business as Michigan investment market; registration required.
          Section 451.2455 ‑ Michigan investment market; registration requirements.
          Section 451.2457 ‑ Filing fees.
          Section 451.2459 ‑ Records; examination or inspection; report.
          Section 451.2461 ‑ Registration application; notice of filing; duties of administrator; factors to be considered; order; sanctions; discipline; proceeding.
          Section 451.2463 ‑ Servicing; requirements.
          Section 451.2465 ‑ Prohibited conduct.
          Section 451.2467 ‑ Individual shown to be out-of-state resident; prima facie evidence of residency.
          Section 451.2469 ‑ Rules; compliance with state or federal statute, rule, or regulation.
     551‑2008‑5 ‑ 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.
          Section 451.2508 ‑ Violations; penalties.
          Section 451.2509 ‑ Civil liability; joint and several liability; statute of limitations; violative contract; waiver prohibited; other rights or remedies.
          Section 451.2510 ‑ Purchaser, seller, or recipient of investment advice; action prohibited; false representation; security as void; damages.
     551‑2008‑6 ‑ ARTICLE 6 ADMINISTRATION AND JUDICIAL REVIEW (451.2601...451.2612)
          Section 451.2601 ‑ Administration of act.
          Section 451.2602 ‑ Investigation and subpoenas; powers and authority of administrator; failure to comply; privilege against self-incrimination; assistance to securities regulator of another jurisdiction.
          Section 451.2603 ‑ Civil action; enforcement; authority of court; bond.
          Section 451.2604 ‑ Enforcement; order and notice; procedure; final order; civil penalties; failure to comply; enforcement of order; petition; additional penalty.
          Section 451.2605 ‑ Forms; orders; rules; financial statement; interpretative opinions; conduct of hearing.
          Section 451.2606 ‑ Availability of filings to public.
          Section 451.2607 ‑ Public records; confidentiality.
          Section 451.2608 ‑ Uniformity and cooperation with other agencies.
          Section 451.2609 ‑ Judicial review.
          Section 451.2610 ‑ Applicability of sections; sales or offers to sell; purchases or offers to purchase; offer in this state; acceptance in this state; publications; radio, television, or electronic communication; prohibited or actionable conduct.
          Section 451.2611 ‑ Service of process.
          Section 451.2612 ‑ Severability clause.
     551‑2008‑7 ‑ ARTICLE 7 TRANSITION (451.2701...451.2703)
          Section 451.2701 ‑ Effective date.
          Section 451.2702 ‑ Repeal of MCL 451.501 to 451.818.
          Section 451.2703 ‑ Pending actions, prosecutions, or proceedings; predecessor act.

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