Bill Text: MI SB0707 | 2009-2010 | 95th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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: Slight Partisan Bill (Republican 3-1)

Status: (Passed) 2009-09-25 - Assigned Pa 0096'09 With Immediate Effect [SB0707 Detail]

Download: Michigan-2009-SB0707-Introduced.html

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SENATE BILL No. 707

 

 

July 15, 2009, Introduced by Senators THOMAS, RICHARDVILLE, KAHN and BIRKHOLZ and referred to the Committee on Banking and Financial Institutions.

 

 

 

     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.