The Michigan Legislative Website data sources are undergoing upgrades. Thank you for your patience as we work through any issues.

Go To Top capitol dome
Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 21, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 21, 2020 10:00:00 AM


Michigan Legislature

Main Content

Section 451.2501

Jump to the first occurrence of "securities"

UNIFORM SECURITIES ACT (2002) (EXCERPT)
Act 551 of 2008


451.2501 Unlawful conduct; fraud.

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 defraud.
  (b) Make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.
  (c) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on another person.


History: 2008, Act 551, Eff. Oct. 1, 2009 ;-- Am. 2014, Act 355, Imd. Eff. Oct. 21, 2014
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.Enacting section 1 of Act 355 of 2014 provides:"Enacting section 1. It is the intent of the legislature by enacting this amendatory act to regulate a class of intrastate broker-dealers that is exempt under section 15(a)(1) of the securities exchange act of 1934, 15 USC 78o, and that will facilitate intrastate securities transactions among persons of this state."


© 2017 Legislative Council, State of Michigan

up icon