2014 House Bill 5273 / Public Act 355

Authorize, regulate Michigan stock exchange

Introduced in the House

Jan. 30, 2014

Introduced by Rep. Nancy Jenkins (R-57)

To authorize and establish a comprehensive regulatory regime for local stock exchanges for transactions in Michigan securities (stocks). See also House Bill 4897, which is not related to this bill, but would require a state agency to “facilitate” creating a Detroit futures exchange.

Referred to the Committee on Commerce

April 30, 2014

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

May 21, 2014

Substitute offered

The substitute failed by voice vote

Substitute offered by Rep. Nancy Jenkins (R-57)

To replace the previous version of the bill with one that revises details but does not change the substance as previously described.

The substitute passed by voice vote

Amendment offered by Rep. Vicki Barnett (D-37)

To mandate that a potential stock exchange abide by financial regulations and restrictions imposed by the federal "Patriot Act".

The amendment passed by voice vote

May 22, 2014

Passed in the House 110 to 0 (details)

Received in the Senate

May 27, 2014

Referred to the Committee on Banking and Financial Institutions

June 10, 2014

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Oct. 2, 2014

Passed in the Senate 37 to 0 (details)

To authorize and establish a comprehensive regulatory regime for local stock exchanges for transactions in Michigan securities (stocks). See also House Bill 4897, which is not related to this bill, but would require a state agency to “facilitate” creating a Detroit futures exchange.

Received in the House

Oct. 2, 2014

Passed in the House 107 to 0 (details)

To concur with the Senate-passed version of the bill.

Signed by Gov. Rick Snyder

Oct. 21, 2014