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.