HB-4690, As Passed House, April 28, 2009

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4690

 

March 25, 2009, Introduced by Rep. Calley 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:

 

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

 

an association or a service corporation established by an

 

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

 

purchase of securities or commodity contracts. The commissioner may

 

promulgate rules to clarify and enforce this section.

 

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

 

securities as defined pursuant to section 401 of the uniform

 

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

 

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

 

the uniform securities act (2002), 2008 PA 551, MCL 451.2102c.

 

     Enacting section 1. This amendatory act takes effect October

 

1, 2009.