Bill Text: MI HB4693 | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in Michigan consumer protection act. Amends sec. 20 of 1976 PA 331 (MCL 445.920).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-04-30 - Referred To Committee On Banking And Financial Institutions [HB4693 Detail]
Download: Michigan-2009-HB4693-Engrossed.html
HB-4693, As Passed House, April 29, 2009
HOUSE BILL No. 4693
March 25, 2009, Introduced by Rep. Griffin and referred to the Committee on Commerce.
A bill to amend 1976 PA 331, entitled
"Michigan consumer protection act,"
by amending section 20 (MCL 445.920).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
20. (1) The director of the department of commerce labor
and economic growth may investigate, in the manner set forth in
section
7, a person subject to Act No. 265 of the Public Acts of
1964,
as amended, being sections 451.501 to 451.818 of the Michigan
Compiled
Laws the uniform securities
act, 1964 PA 265, MCL 451.501
to 451.818; the uniform securities act (2002), 2008 PA 551, MCL
451.2101
to 451.2703; Act No. 229 of the Public
Acts of 1963, as
amended,
being sections 559.1 to 559.31 of the Michigan Compiled
Laws;
Act No. 284 of the Public Acts of 1972, as amended, being
sections
450.1101 to 450.2099 of the Michigan Compiled Laws the
business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098; or
Act
No. 269 of the Public Acts of 1974, being sections 445.1501 to
445.1545
of the Michigan Compiled Laws the franchise investment
law, 1974 PA 269, MCL 445.1501 to 445.1546, who the director
believes has engaged, is engaging, or is about to engage in a
method, act, or practice which is unlawful under this act.
(2) When the director requires the use of the subpoena power
provided in this act, an application shall be made to the attorney
general, who shall proceed to procure a subpoena on behalf of the
director in accordance with section 7.
(3) Upon conclusion of an investigation, the director shall
provide a full report to the attorney general.
