Bill Text: MI SB0700 | 2009-2010 | 95th Legislature | Chaptered
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 (Republican 4-0)
Status: (Passed) 2009-09-25 - Assigned Pa 0092'09 With Immediate Effect [SB0700 Detail]
Download: Michigan-2009-SB0700-Chaptered.html
Act No. 92
Public Acts of 2009
Approved by the Governor
September 24, 2009
Filed with the Secretary of State
September 24, 2009
EFFECTIVE DATE: September 24, 2009
STATE OF MICHIGAN
95TH LEGISLATURE
REGULAR SESSION OF 2009
Introduced by Senators Cropsey, Richardville, Kahn and Birkholz
ENROLLED SENATE BILL No. 700
AN ACT to amend 1976 PA 331, entitled “An act to prohibit certain methods, acts, and practices in trade or commerce; to prescribe certain powers and duties; to provide for certain remedies, damages, and penalties; to provide for the promulgation of rules; to provide for certain investigations; and to prescribe penalties,” by amending section 20 (MCL 445.920).
The People of the State of Michigan enact:
Sec. 20. (1) The director of the department of energy, labor, and economic growth may investigate, in the manner set forth in section 7, a person subject to 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; the business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098; or 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.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives
Approved
Governor
