MCL - Index of Chapter 451
NOTE: Dates reflect any modification to item, not necessarily a change in law.
| Title | Subject |
|---|---|
| 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| Act 220 of 1923 | Repealed-BLUE SKY LAW (451.101 - 451.133) |
| Act 306 of 1919 | Repealed-REAL ESTATE BROKERS AND SALESMEN (451.201 - 451.219) |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. |
| 551-2008-5A | ARTICLE 5A FINANCIAL EXPLOITATION (451.2531...451.2543) |
| Section 451.2531 | Definitions. |
| Section 451.2533 | Delayed disbursement; suspected or detected financial exploitation; expiration of delay; investigation; written notification; reporting; requirements |
| Section 451.2535 | Access to compliance procedures; financial exploitation of vulnerable adults; limited authorization to extend delay; written report and notification; disclosure of identity; prohibition; exception; freedom of information act. |
| Section 451.2537 | Access and availability of compliance records. |
| Section 451.2539 | Disclosure of general status or final disposition. |
| Section 451.2541 | Liability of broker-dealer or investment adviser. |
| Section 451.2543 | Scope of article. |
| 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. |