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MI HB4690
Bill
Status
3/25/2009
Primary Sponsor
Brian Calley
Click for details
AI Summary
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Allows savings and loan associations and their service corporations to provide brokerage services for the offer, sale, or purchase of securities or commodity contracts, subject to applicable state or federal law.
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Grants the commissioner authority to promulgate rules to clarify and enforce the brokerage services provisions.
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Updates the definition of "securities" from the Uniform Securities Act (1964) to reference section 102c of the Uniform Securities Act (2002) under 2008 PA 551, MCL 451.2102c.
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Takes effect October 1, 2009.
Legislative Description
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).
Trade, securities
Last Action
Referred To Committee On Banking And Financial Institutions
4/29/2009