MI HB5273

Establishes Michigan Investment Markets framework allowing broker-dealers exempt from federal registration to facilitate intrastate securities transactions under section 3(a)(11) of the Securities Act of 1933.

Requires Michigan Investment Markets to register with the administrator, pay initial $500 fee and $250 annual renewal fee, and maintain transaction records for at least 7 years with annual reporting.

Limits transaction fees to 5% of security value, restricts personal information collection, requires residency verification, and prohibits serving businesses already using other intrastate securities platforms simultaneously.

Requires serviced businesses to be Michigan residents, derive at least 80% of revenues from Michigan operations, locate 80% of assets in Michigan, and use 80% of net proceeds for Michigan business activities.

Establishes non-resident restrictions including 9-month holding period before secondary market purchases and voids transactions by individuals who misrepresent their residency status.