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 […]
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. […]
Section 451.2465 – Prohibited Conduct.
451.2465 Prohibited conduct. Sec. 465. (1) A Michigan investment market shall not do any of the following: (a) Sell or otherwise distribute to any third party personal identifying information of an individual without his or her written consent. (b) In confirming whether an individual is a resident of this state or meets any other requirement […]
Section 451.2467 – Individual Shown to Be Out-of-State Resident; Prima Facie Evidence of Residency.
451.2467 Individual shown to be out-of-state resident; prima facie evidence of residency. Sec. 467. (1) An individual’s participation in a Michigan investment market in this state is considered a representation that he or she is a resident of this state. If it is subsequently shown that an individual was not a resident of this state […]
Section 451.2469 – Rules; Compliance With State or Federal Statute, Rule, or Regulation.
451.2469 Rules; compliance with state or federal statute, rule, or regulation. Sec. 469. (1) The department may promulgate any rules that the administrator considers necessary to administer this article if those rules are consistent with the provisions of this act. (2) Nothing in this article exempts any person to which this article is subject from […]
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 451.2410 – Filing Fees.
451.2410 Filing fees. Sec. 410. (1) Before October 1, 2023, a person shall pay a fee of $300.00 when initially filing an application for registration as a broker-dealer and a fee of $300.00 when filing a renewal of registration as a broker-dealer. After September 30, 2023, a person shall pay a fee of $250.00 when […]