July 10, 2007, Introduced by Rep. Calley and referred to the Committee on Commerce.
A bill to amend 1980 PA 307, entitled
"Savings and loan act of 1980,"
by amending section 515 (MCL 491.515), as added by 1987 PA 106.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 515. (1) Subject to the applicable state or federal law,
an association or a service corporation established by an
association may provide brokerage services for the offer, sale, or
purchase of securities or commodity contracts. The commissioner may
promulgate rules to clarify and enforce this section.
(2) For the purposes of this section, "securities" means
securities
as defined pursuant to section 401 of the uniform
securities
act, Act No. 265 of the Public Acts of 1964, being
section
451.801 of the Michigan Compiled Laws in section 102c of
the uniform securities act (2002), MCL 451.2102c.
Enacting section 1. This amendatory act takes effect on the
effective date of the uniform securities act (2002), MCL 451.2101
to 451.2703.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5008(request no.
00420'07) of the 94th Legislature is enacted into law.