MI HB5429

Removes requirement that escrow accounts for intrastate securities offerings must be held at banks or depositories located in Michigan, allowing any bank or depository institution.

Establishes the "Michigan Invests Locally" exemption for intrastate securities offerings by Michigan-incorporated entities to Michigan residents, with aggregate offering limits of $1-2 million depending on financial statement availability.

Requires issuers to file notice with state administrator at least 10 days before offering, including disclosure statement with issuer information, business plan, management details, and risk warnings.

Limits individual investments to $10,000 unless purchaser is an accredited investor; requires 9-month resale restriction to non-residents or investment agreement becomes void.

Mandates quarterly reporting to purchasers on issuer finances and management compensation; establishes $100 filing fee and allows website-based offerings with specific operational requirements.