HB-5017, As Passed House, April 30, 2008

HOUSE BILL No. 5017

July 10, 2007, Introduced by Rep. Hildenbrand 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:

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

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

Acts of 1964, being sections 451.501 to 451.818 of the Michigan

Compiled Laws 1964 PA 265, MCL 451.501 to 451.818, and the uniform

securities act (2002), MCL 451.2101 to 451.2703. An advance tuition

payment contract may not be sold or otherwise transferred by the

purchaser or qualified beneficiary without the prior approval of

the trust.

     Enacting section 1. This amendatory act does not take effect

unless Senate Bill No.____ or House Bill No. 5008(request no.

00420'07) of the 94th Legislature is enacted into law.