SB-0707, As Passed House, September 15, 2009

SENATE BILL No. 707

July 15, 2009, Introduced by Senators THOMAS, RICHARDVILLE, KAHN and BIRKHOLZ and referred to the Committee on Banking and Financial Institutions.

     A bill to amend 1986 PA 316, entitled

"Michigan education trust act,"

by amending section 19 (MCL 390.1439).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 19. An advance tuition payment contract shall be is

exempt from the uniform securities act, Act No. 265 of the Public

Acts of 1964, being sections 451.501 to 451.818 of the Michigan

Compiled Laws 1964 PA 265, MCL 451.501 to 451.818, and the uniform

securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703. An

advance tuition payment contract may not be sold or otherwise

transferred by the purchaser or qualified beneficiary without the

prior approval of the trust.