2023 House Bill 4197 / Public Act 306

Occupations: securities; notification and temporary hold on certain account disbursements for the protection of certain adults by broker-dealers and investment advisors; allow.

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.

Introduced in the House

March 7, 2023

Introduced by Rep. Angela Witwer (D-76) and 10 co-sponsors

Co-sponsored by Reps. Jim Haadsma (D-44), Noah Arbit (D-20), Jasper Martus (D-69), Rachel Hood (D-81), Carrie Rheingans (D-47), Penelope Tsernoglou (D-75), Christine Morse (D-40), Stephanie Young (D-16), Sharon MacDonell (D-56) and Jason Morgan (D-23)

Referred to the Committee on Insurance and Financial Services

May 25, 2023

Reported with substitute H-1

June 7, 2023

Substitute H-1 concurred in by voice vote

June 8, 2023

Passed in the House 103 to 4 (details)

Motion to give immediate effect by Rep. Abraham Aiyash (D-9)

The motion prevailed by voice vote

Received in the Senate

June 13, 2023

Referred to the Committee on Finance, Insurance, and Consumer Protection

Nov. 8, 2023

Reported without amendment

Nov. 9, 2023

Referred to the Committee of the Whole

Reported without amendment

Passed in the Senate 37 to 0 (details)

Signed by Gov. Gretchen Whitmer

Dec. 14, 2023