Bill Text: MI SB0706 | 2009-2010 | 95th Legislature | Chaptered
Bill Title: Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in savings and loan act of 1980. Amends sec. 515 of 1980 PA 307 (MCL 491.515).
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2009-09-25 - Assigned Pa 0095'09 With Immediate Effect [SB0706 Detail]
Download: Michigan-2009-SB0706-Chaptered.html
Act No. 95
Public Acts of 2009
Approved by the Governor
September 24, 2009
Filed with the Secretary of State
September 24, 2009
EFFECTIVE DATE: October 1, 2009
STATE OF MICHIGAN
95TH LEGISLATURE
REGULAR SESSION OF 2009
Introduced by Senators Olshove, Richardville, Kahn and Birkholz
ENROLLED SENATE BILL No. 706
AN ACT to amend 1980 PA 307, entitled “An act to revise and codify the laws relating to savings and loan associations; to provide for the incorporation, regulation, supervision, and internal administration of associations; to prescribe the rights, powers, and immunities of associations; to provide for voluntary and involuntary changes in the corporate structure of associations; to prescribe the powers, rights, and duties of certain state agencies in relation to associations; to require certain reports and examinations of associations; to prescribe remedies and penalties for violations of this act; and to repeal certain acts and parts of acts,” by amending section 515 (MCL 491.515), as added by 1987 PA 106.
The People of the State of Michigan enact:
Sec. 515. (1) Subject to the applicable state or federal law, an association or a service corporation established by an association may provide brokerage services for the offer, sale, or purchase of securities or commodity contracts. The commissioner may promulgate rules to clarify and enforce this section.
(2) For the purposes of this section, “securities” means securities as defined in section 102c of the uniform securities act (2002), 2008 PA 551, MCL 451.2102c.
Enacting section 1. This amendatory act takes effect October 1, 2009.
This act is ordered to take immediate effect.
Secretary of the Senate
Clerk of the House of Representatives
Approved
Governor
