MI HB5430

Amends the Uniform Securities Act (2008 PA 551) to change the definition of "Administrator" from the office of financial and insurance regulation to a new securities regulation office created under the bill.

Creates the Office of Securities Regulation within the Department of Licensing and Regulatory Affairs with a Securities Commissioner appointed by the governor from candidates selected by the Securities Regulation Board.

Establishes a 9-member Securities Regulation Board consisting of 3 members appointed by the governor, 2 selected by the Speaker of the House, 2 selected by the Senate Majority Leader, and 2 selected by the Department of Licensing and Regulatory Affairs director.

Board members serve 2-year terms without compensation but may be reimbursed for actual and necessary expenses; the board must meet at least once in January and every 10 weeks thereafter, and conduct all business in open public meetings complying with the Open Meetings Act.

Board duties include serving as an advisory body on securities regulation issues, providing the governor with qualified candidates for the Securities Commissioner position, and performing other economic duties as assigned.