Bill Text: MI HB4689 | 2009-2010 | 95th Legislature | Engrossed

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Bill Title: Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in Michigan education trust act. Amends sec. 19 of 1986 PA 316 (MCL 390.1439).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-04-29 - Referred To Committee On Banking And Financial Institutions [HB4689 Detail]

Download: Michigan-2009-HB4689-Engrossed.html

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HB-4689, As Passed House, April 28, 2009

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4689

 

March 25, 2009, Introduced by Rep. Hildenbrand and referred to the Committee on Commerce.

 

     A bill to amend 1986 PA 316, entitled

 

"Michigan education trust act,"

 

by amending section 19 (MCL 390.1439).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 19. An advance tuition payment contract shall be is

 

exempt from the uniform securities act, Act No. 265 of the Public

 

Acts of 1964, being sections 451.501 to 451.818 of the Michigan

 

Compiled Laws 1964 PA 265, MCL 451.501 to 451.818, and the uniform

 

securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703. An

 

advance tuition payment contract may not be sold or otherwise

 

transferred by the purchaser or qualified beneficiary without the

 

prior approval of the trust.