reglab/housing_qa huggingface dataset:
MI Comp L § 451.2501 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 5 - Fraud and Liabilities (451.2501...451.2510)|Section 451.2501 - Unlawful Conduct; Fraud.

451.2501 Unlawful conduct; fraud.Sec. 501.  It is unlawful for a person, in connection with the offer, sale, or purchase of a security or the organization or operation of a Michigan investment market under article 4A, to directly or indirectly do any of the following:  (a) Employ a device, scheme, or artifice to defraud.  (b) Make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.  (c) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on another person. History: 2008, Act 551, Eff. Oct. 1, 2009 ;-- Am. 2014, Act 355, Imd. Eff. Oct. 21, 2014 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.Enacting section 1 of Act 355 of 2014 provides:"Enacting section 1. It is the intent of the legislature by enacting this amendatory act to regulate a class of intrastate broker-dealers that is exempt under section 15(a)(1) of the securities exchange act of 1934, 15 USC 78o, and that will facilitate intrastate securities transactions among persons of this state."
MI Comp L § 451.2503 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 5 - Fraud and Liabilities (451.2501...451.2510)|Section 451.2503 - Civil Action or Administrative Proceeding; Burden of Proof.

451.2503 Civil action or administrative proceeding; burden of proof.Sec. 503.  (1) In a civil action or administrative proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the exemption, exception, preemption, or exclusion.  (2) In a criminal proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2504 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 5 - Fraud and Liabilities (451.2501...451.2510)|Section 451.2504 - Sales and Advertising Literature; Filing.

451.2504 Sales and advertising literature; filing.Sec. 504.  (1) Subject to subsection (2), a rule or order under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this act.  (2) This section does not apply to sales and advertising literature specified in subsection (1) relating to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 201, 202, or 203 except as required under section 201(g) or 202(1)(x). History: 2008, Act 551, Eff. Oct. 1, 2009 ;-- Am. 2013, Act 264, Imd. Eff. Dec. 30, 2013 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2505 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 5 - Fraud and Liabilities (451.2501...451.2510)|Section 451.2505 - Misleading Filings.

451.2505 Misleading filings.Sec. 505.  A person shall not make or cause to be made, in a record that is used in an action or proceeding or filed under this act, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2506 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 5 - Fraud and Liabilities (451.2501...451.2510)|Section 451.2506 - Misrepresentations Concerning Registration or Exemption.

451.2506 Misrepresentations concerning registration or exemption.Sec. 506.  The filing of an application for registration, a registration statement, a notice filing under this act, or the registration of a person, the notice filing by a person, or the registration of a security under this act does not constitute a finding by the administrator that a record filed under this act is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the administrator has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. A person shall not make or cause to be made to a purchaser, customer, client, or prospective customer or client a representation inconsistent with this section. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2507 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 5 - Fraud and Liabilities (451.2501...451.2510)|Section 451.2507 - Immunity From Liability.

451.2507 Immunity from liability.Sec. 507.  A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the administrator, or designee of the administrator, the securities and exchange commission, or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2508 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 5 - Fraud and Liabilities (451.2501...451.2510)|Section 451.2508 - Violations; Penalties.

451.2508 Violations; penalties.Sec. 508.  (1) A person that willfully violates this act or a rule adopted or order issued under this act, except section 504 or the notice filing requirements of section 302 or 405, or that willfully violates section 505 knowing the statement made to be false or misleading in a material respect, is guilty of a felony punishable by imprisonment for not more than 10 years or a fine of not more than $500,000.00 for each violation, or both. An individual convicted of violating a rule or order under this act may be fined, but shall not be imprisoned, if the individual did not have knowledge of the rule or order.  (2) The attorney general or the proper prosecuting attorney may institute appropriate criminal proceedings under this act with or without a reference from the administrator.  (3) This act does not limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2603 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 6 - Administration and Judicial Review (451.2601...451.2612)|Section 451.2603 - Civil Action; Enforcement; Authority of Court; Bond.

451.2603 Civil action; enforcement; authority of court; bond.Sec. 603.  (1) If it appears to the administrator that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this act or a rule adopted or order issued under this act, or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this act or a rule adopted or order issued under this act, the administrator may maintain an action in the circuit court to enjoin the act, practice, or course of business and to enforce compliance with this act or a rule adopted or order issued under this act.  (2) In an action under this section and upon a proper showing, the court may do any of the following:  (a) Issue a permanent or temporary injunction, restraining order, or a declaratory judgment.  (b) Issue an order for other appropriate or ancillary relief, including any of the following:  (i) An asset freeze, accounting, writ of attachment, writ of general or specific execution, and an appointment of a receiver or conservator, which may be the administrator, for the defendant or the defendant's assets.  (ii) An order to the administrator to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents, and profits, to collect debts, and to acquire and dispose of property.  (iii) The imposition of a civil fine of not more than $10,000.00 for a single violation or $500,000.00 for multiple violations.  (iv) An order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this act or the predecessor act or a rule adopted or order issued under this act or the predecessor act.  (v) An order for the payment of prejudgment and postjudgment interest.  (c) Granting other relief that the court considers appropriate.  (3) The administrator shall not be required to post a bond in an action under this section. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2606 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 6 - Administration and Judicial Review (451.2601...451.2612)|Section 451.2606 - Availability of Filings to Public.

451.2606 Availability of filings to public.Sec. 606.  (1) The administrator shall maintain, or designate a person to maintain, a register of all applications for registration of securities; registration statements; notice filings, applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this act or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this act or the predecessor act; and interpretative opinions or no-action determinations issued under this act.  (2) The administrator shall make all rules, forms, interpretative opinions, and orders available to the public.  (3) Upon request, the administrator shall furnish to a person a copy of a record that is a public record or a certification that the public record does not exist. A rule under this act may establish a reasonable charge for furnishing the record. A copy of the record certified or a certificate of its nonexistence by the administrator is prima facie evidence of a record or its nonexistence. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2607 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 6 - Administration and Judicial Review (451.2601...451.2612)|Section 451.2607 - Public Records; Confidentiality.

451.2607 Public records; confidentiality.Sec. 607.  (1) Subject to subsection (2), records obtained by the administrator or filed under this act, including a record contained in or filed with any registration statement, application, notice filing, or report, are public records and are available for public examination.  (2) The following records are not public records and are not available for public examination under subsection (1):  (a) A record obtained by the administrator in connection with an audit or inspection under section 411(4) or an investigation under section 602.  (b) A part of a report filed in connection with a registration statement under sections 301 and 303 through 305, or a record under section 411(4), that contains trade secrets or confidential information when the person filing the registration statement or report has asserted a claim of confidentiality or privilege that is authorized by law.  (c) A record that is not required to be provided to the administrator or filed under this act and is provided to the administrator only on the condition that the record will not be subject to public examination or disclosure.  (d) A nonpublic record received from a person specified in section 608.  (e) Any social security number, residential address unless used as a business address, or residential telephone number unless used as a business telephone number contained in a record that is filed.  (f) A record obtained by the administrator through a designee of the administrator that is determined by a rule or order under this act to have been either of the following:  (i) Appropriately expunged from the administrator's records by that designee.  (ii) Appropriately determined to be nonpublic or nondisclosable by that designee if the administrator finds that this is in the public interest and for the protection of investors.  (3) The administrator may disclose a record obtained in connection with an audit or inspection under section 411(4) or a record obtained in connection with an investigation under section 602 if disclosure is for the purpose of a civil, administrative, or criminal investigation, action, or proceeding or to a person specified in section 608(1). History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2609 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 6 - Administration and Judicial Review (451.2601...451.2612)|Section 451.2609 - Judicial Review.

451.2609 Judicial review.Sec. 609.  (1) Final orders issued by the administrator under this act are subject to judicial review pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.  (2) Rules adopted under this act are subject to judicial review pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2611 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 6 - Administration and Judicial Review (451.2601...451.2612)|Section 451.2611 - Service of Process.

451.2611 Service of process.Sec. 611.  (1) A consent to service of process complying with this section required by this act must be signed and filed in the form required by a rule or order under this act. A consent appointing the administrator the person's agent for service of process in a noncriminal action or proceeding against the person, or the person's successor, or personal representative under this act or a rule adopted or order issued by the administrator under this act after the consent is filed, has the same force and validity as if the service were made personally on the person filing the consent. A person that has filed a consent complying with this subsection in connection with a previous application for registration or notice filing need not file an additional consent.  (2) If a person, including a nonresident of this state, engages in an act, practice, or course of business prohibited or made actionable by this act or a rule adopted or order issued by the administrator under this act and the person has not filed a consent to service of process under subsection (1), that act, practice, or course of business constitutes the appointment of the administrator as the person's agent for service of process in a noncriminal action or proceeding against the person, the person's successor, or personal representative.  (3) Service under subsection (1) or (2) may be made by providing a copy of the process to the office of the administrator, but it is not effective unless both of the following are met:  (a) The plaintiff, which may be the administrator, promptly sends notice of the service and a copy of the process, return receipt requested, to the defendant or respondent at the address given in the consent to service of process or, if a consent to service of process has not been filed, at the last known address, or takes other reasonable steps to give notice.  (b) The plaintiff files an affidavit of compliance with this subsection in the action or proceeding on or before the return day of the process, if any, or within the time that the court or the administrator in a proceeding before the administrator allows.  (4) Service as provided in subsection (3) may be used in a proceeding before the administrator or by the administrator in a civil action in which the administrator is the moving party.  (5) If the process is served under subsection (3), the court or the administrator in a proceeding before the administrator shall order continuances as are necessary or appropriate to afford the defendant or respondent reasonable opportunity to defend. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2612 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 6 - Administration and Judicial Review (451.2601...451.2612)|Section 451.2612 - Severability Clause.

451.2612 Severability clause.Sec. 612.  If any provision of this act or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this act that can be given effect without the invalid provision or application, and to this end, the provisions of this act are severable. History: 2008, Act 551, Eff. Oct. 1, 2009 Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
MI Comp L § 451.2701 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 7 - Transition (451.2701...451.2703)|Section 451.2701 - Effective Date.

451.2701 Effective date.Sec. 701.  This act takes effect October 1, 2009. History: 2008, Act 551, Eff. Oct. 1, 2009
MI Comp L § 451.2702 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 551 of 2008 - Uniform Securities Act (2002) (451.2101 - 451.2703)|Article 7 - Transition (451.2701...451.2703)|Section 451.2702 - Repeal of MCL 451.501 to 451.818.

451.2702 Repeal of MCL 451.501 to 451.818.Sec. 702.  The uniform securities act, 1964 PA 265, MCL 451.501 to 451.818, is repealed. History: 2008, Act 551, Eff. Oct. 1, 2009