An act to amend 2008 PA 551, entitled “An act to enact the uniform securities act (2002) relating to the issuance, offer, sale, or purchase of securities; to prohibit fraudulent practices in relation to securities; to establish civil and criminal sanctions for violations of the act and civil sanctions for violation of the rules promulgated pursuant to the act; to require the registration of broker-dealers, agents, investment advisers, and securities; to regulate Michigan investment markets; to make uniform the law with reference to securities; and to repeal acts and parts of acts,” (MCL 451.2101 to 451.2703) by amending the title, as amended by 2014 PA 355, and by adding article 5A.
House Bill 4197 would add Article 5A (Financial Exploitation) to the Uniform Securities Act to authorize actions to protect individuals from financial exploitation and to allow certain actions to be taken, including placing a delayed authorization on the disbursement of funds, to protect a vulnerable adult from financial exploitation or covered financial exploitation.
Co-sponsored by Reps.
Referred to the Committee on Insurance and Financial Services
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Passed in the House 103 to 4 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Finance, Insurance, and Consumer Protection
Reported without amendment
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 37 to 0 (details)
