HB-5750, As Passed House, November 30, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 5750

 

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

        

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                 A bill to amend 1980 PA 307, entitled                                             

                                                                                

    "Savings and loan act of 1980,"                                             

                                                                                

    by amending section 515 (MCL 491.515), as added by 1987 PA 106.             

                                                                                

                THE PEOPLE OF THE STATE OF MICHIGAN ENACT:                      

                                                                                

1       Sec. 515.  (1) Subject to the applicable state or federal                   

                                                                                

2   law, an association or a service corporation established by an              

                                                                                

3   association may provide brokerage services for the offer, sale,             

                                                                                

4   or purchase of securities or commodity contracts.  The                      

                                                                                

5   commissioner may promulgate rules to clarify and enforce this               

                                                                                

6   section.                                                                    

                                                                                

7       (2) For the purposes of this section, "securities" means                    

                                                                                

8   securities as defined  pursuant to section 401 of the uniform               

                                                                                

9   securities act, Act No. 265 of the Public Acts of 1964, being               

                                                                                

10  section 451.801 of the Michigan Compiled Laws  in section 102c of           

                                                                                

11  the uniform securities act (2002), MCL 451.2102c.                           

                                                                                


                                                                                

1       Enacting section 1.  This amendatory act takes effect on the                

                                                                                

2   effective date of the uniform securities act (2002), MCL 451.2101           

                                                                                

3   to 451.2703.                                                                

                                                                                

4       Enacting section 2.  This amendatory act does not take                      

                                                                                

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

                                                                                

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

                                                                                

7   law.