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 451.2601 – Administration of Act.
451.2601 Administration of act. Sec. 601. (1) The administrator shall administer this act. (2) The administrator or officer, employee, or designee of the administrator shall not use for personal benefit or the benefit of others records or other information obtained by or filed with the administrator that are not public under section 607(2). This act […]
Section 451.2602 – Investigation and Subpoenas; Powers and Authority of Administrator; Failure to Comply; Privilege Against Self-Incrimination; Assistance to Securities Regulator of Another Jurisdiction.
451.2602 Investigation and subpoenas; powers and authority of administrator; failure to comply; privilege against self-incrimination; assistance to securities regulator of another jurisdiction. Sec. 602. (1) The administrator may do any of the following: (a) Conduct public or private investigations in or out of this state that the administrator considers necessary or appropriate to determine whether […]
Section 451.2603 – Civil Action; Enforcement; Authority of Court; Bond.
451.2603 Civil action; enforcement; authority of court; bond. Sec. 603. (1) If it appears to the administrator that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this act or a rule adopted or order issued under this act, or that […]
Section 451.2604 – Enforcement; Order and Notice; Procedure; Final Order; Civil Penalties; Failure to Comply; Enforcement of Order; Petition; Additional Penalty.
451.2604 Enforcement; order and notice; procedure; final order; civil penalties; failure to comply; enforcement of order; petition; additional penalty. Sec. 604. (1) If the administrator determines that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this act or a rule […]
Section 451.2605 – Forms; Orders; Rules; Financial Statement; Interpretative Opinions; Conduct of Hearing.
451.2605 Forms; orders; rules; financial statement; interpretative opinions; conduct of hearing. Sec. 605. (1) The administrator may do any of the following: (a) Issue forms and orders and, after notice and comment, may adopt and amend rules necessary or appropriate to carry out this act, and may repeal rules, including rules and forms governing registration […]
Section 451.2606 – Availability of Filings to Public.
451.2606 Availability of filings to public. Sec. 606. (1) The administrator shall maintain, or designate a person to maintain, a register of all applications for registration of securities; registration statements; notice filings, applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have […]
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 451.2463 – Servicing; Requirements.
451.2463 Servicing; requirements. Sec. 463. (1) A Michigan investment market may not service a business if the business has already utilized the services of a portal, market, or exchange that facilitates a secondary market for intrastate securities, rather than facilitates securities transactions for original purchasers of the business’s intrastate securities of those purchasers’ own securities. […]