Section 451.2507 – Immunity From Liability.
451.2507 Immunity from liability. Sec. 507. A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the administrator, or designee of […]
Section 451.2508 – Violations; Penalties.
451.2508 Violations; penalties. Sec. 508. (1) A person that willfully violates this act or a rule adopted or order issued under this act, except section 504 or the notice filing requirements of section 302 or 405, or that willfully violates section 505 knowing the statement made to be false or misleading in a material respect, […]
Section 451.2509 – Civil Liability; Joint and Several Liability; Statute of Limitations; Violative Contract; Waiver Prohibited; Other Rights or Remedies.
451.2509 Civil liability; joint and several liability; statute of limitations; violative contract; waiver prohibited; other rights or remedies. Sec. 509. (1) Enforcement of civil liability under this section is subject to the securities litigation uniform standards act of 1998. (2) A person is liable to the purchaser if the person sells a security in violation […]
Section 451.2510 – Purchaser, Seller, or Recipient of Investment Advice; Action Prohibited; False Representation; Security as Void; Damages.
451.2510 Purchaser, seller, or recipient of investment advice; action prohibited; false representation; security as void; damages. Sec. 510. (1) A purchaser, seller, or recipient of investment advice may not maintain an action under section 509 if all of the following are met: (a) The purchaser, seller, or recipient of investment advice receives in a record, […]
Section 451.2501 – Unlawful Conduct; Fraud.
451.2501 Unlawful conduct; fraud. Sec. 501. It is unlawful for a person, in connection with the offer, sale, or purchase of a security or the organization or operation of a Michigan investment market under article 4A, to directly or indirectly do any of the following: (a) Employ a device, scheme, or artifice to defraud. (b) […]
Section 451.2502 – Investment Advice or Publications; Prohibited Conduct; Rule or Order.
451.2502 Investment advice or publications; prohibited conduct; rule or order. Sec. 502. (1) It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities, or that, for compensation and as […]
Section 451.2503 – Civil Action or Administrative Proceeding; Burden of Proof.
451.2503 Civil action or administrative proceeding; burden of proof. Sec. 503. (1) In a civil action or administrative proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the exemption, exception, preemption, or exclusion. (2) In a criminal proceeding under this act, a person […]
Section 451.2504 – Sales and Advertising Literature; Filing.
451.2504 Sales and advertising literature; filing. Sec. 504. (1) Subject to subsection (2), a rule or order under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice addressed or intended for distribution to prospective investors, including clients […]
Section 451.2505 – Misleading Filings.
451.2505 Misleading filings. Sec. 505. A person shall not make or cause to be made, in a record that is used in an action or proceeding or filed under this act, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a […]
Section 451.2506 – Misrepresentations Concerning Registration or Exemption.
451.2506 Misrepresentations concerning registration or exemption. Sec. 506. The filing of an application for registration, a registration statement, a notice filing under this act, or the registration of a person, the notice filing by a person, or the registration of a security under this act does not constitute a finding by the administrator that a […]