451.2201 Securities exempt from MCL 451.2301 to 451.2306 and MCL 451.2504. Sec. 201. The following securities are exempt from the requirements of sections 301 to 306 and 504: (a) A security, including a revenue obligation or a separate security as defined in rule 131 adopted under the securities act of 1933, 17 CFR 230.131, issued, […]
451.2202 Securities exempt from MCL 451.2301 to 451.2306 and MCL 451.2504. Sec. 202. (1) The following transactions are exempt from the requirements of sections 301 to 306 and 504: (a) An isolated nonissuer transaction, whether effected by or through a broker-dealer or not. (b) A nonissuer transaction by or through a broker-dealer registered or exempt […]
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.” Sec. 202a. (1) Except as otherwise provided in this act, an offer or sale of a security by an issuer is […]
451.2203 Rule or order; exemptions and waivers. Sec. 203. A rule or order under this act may exempt a security, transaction, or offer, or a rule or order under this act may exempt a class of securities, transactions, or offers, from any or all of the requirements of sections 301 to 306 and 504, and […]
451.2204 Denial, suspension, revocation, condition, or limitation of exemption. Sec. 204. (1) Except with respect to a federal covered security or a transaction involving a federal covered security, an order of the administrator under this act may deny or suspend application of, condition, limit, or revoke an exemption created under section 201(c)(iii), (g), or (h) […]
