HB-5747, As Passed House, November 30, 2004

HOUSE BILL No. 5747

April 1, 2004, Introduced by Rep. Koetje and referred to the Committee on Commerce.

                                                                             A bill to amend 1986 PA 316, entitled                                             

"Michigan education trust act,"                                             

by amending section 19 (MCL 390.1439).                                      

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1       Sec. 19.  An advance tuition payment contract  shall be is

2   exempt from the uniform securities act,  Act No. 265 of the                 

3   Public Acts of 1964, being sections 451.501 to 451.818 of the               

4   Michigan Compiled Laws 1964 PA 265, MCL 451.501 to 451.818, and            

5   the uniform securities act (2002), MCL 451.2101 to 451.2703.  An            

6   advance tuition payment contract may not be sold or otherwise               

7   transferred by the purchaser or qualified beneficiary without the           

8   prior approval of the trust.                                                

9       Enacting section 1.  This amendatory act does not take                      

10  effect unless Senate Bill No. _____ or House Bill No. 5746                  

11  (request no. 06004'03) of the 92nd Legislature is enacted into              

1   law.