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MI SB0705
Bill
Status
7/15/2009
Primary Sponsor
Randy Richardville
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AI Summary
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Amends Section 4701 of the Revised Judicature Act of 1961 to update references to securities violations under the forfeiture law.
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Adds violations of Section 508 of the Uniform Securities Act (2002) under 2008 PA 551, MCL 451.2508 to the list of crimes for which property forfeiture is available.
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Maintains existing reference to Section 409 of the Uniform Securities Act of 1964 PA 265, MCL 451.809 alongside the new 2002 Act reference.
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Defines terms related to asset forfeiture including "crime," "instrumentality of a crime," "proceeds of a crime," and "substituted proceeds of a crime" in connection with specified criminal violations.
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Clarifies that "person" for purposes of the act includes individuals, corporations, limited liability companies, partnerships, and other business entities.
Legislative Description
Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in revised judicature act of 1961. Amends sec. 4701 of 1961 PA 236 (MCL 600.4701).
Trade, securities
Last Action
Referred To Committee On Banking And Financial Institutions
7/15/2009