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MI SB0706

Bill

Official Source

Status

Passed

9/25/2009

Primary Sponsor

Randy Richardville

Click for details

Origin

Senate

95th Legislature

AI Summary

  • 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

  • Authorizes the commissioner to promulgate rules to clarify and enforce brokerage service provisions

  • Defines "securities" by reference to section 102c of the uniform securities act (2002) under 2008 PA 551, MCL 451.2102c

  • Effective date: 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

Assigned Pa 0095'09 With Immediate Effect

9/25/2009

Committee Referrals

Commerce8/19/2009
Banking & Financial Institutions7/15/2009

Full Bill Text

No bill text available