RESIDENCY REQ'S; SECURITY REG. EXEMPT.                                                   H.B. 4305:

                                                                                                    SUMMARY OF BILL

                                                                                      REPORTED FROM COMMITTEE

House Bill 4305 (as reported without amendment)

Sponsor:  Representative Bronna Kahle

House Committee:  Commerce and Trade

Senate Committee:  Commerce

CONTENT

The bill would amend Article 2 of the Uniform Securities Act, which governs exemptions from registration requirements, to include references to amended and new U.S. Securities and Exchange Commission (SEC) rules for determining whether intrastate sales or offers of securities meet certain residency requirements.

The bill also would add reference to these SEC rules to the definition of "intrastate offering exemption" in Article 4A (Michigan Investment Markets).

MCL 451.2202a & 451.2451                                                Legislative Analyst:  Jeff Mann

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:  10-17-17                                                    Fiscal Analyst:  Josh Sefton

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.