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Bill > HB4197

MI HB4197

MI HB4197
Occupations: securities; notification and temporary hold on certain account disbursements for the protection of certain adults by broker-dealers and investment advisors; allow. Amends title of 2008 PA 551 (MCL 451.2101 - 451.2703) & adds art. 5A.

summary

Introduced
03/07/2023
In Committee
11/09/2023
Crossed Over
06/08/2023
Passed
11/09/2023
Dead
Signed/Enacted/Adopted
12/31/2023

Introduced Session

102nd Legislature

Bill Summary

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.

AI Summary

This bill amends the Uniform Securities Act of 2002 to allow broker-dealers and investment advisors to temporarily hold disbursements or transactions if they suspect financial exploitation of certain vulnerable adults. The bill defines key terms like "covered financial exploitation" and "vulnerable adult," outlines the process for delaying transactions, requires reporting to authorities, and provides legal protections for broker-dealers and investment advisors acting in good faith. The bill also establishes procedures for information sharing between these financial institutions and law enforcement or adult protective services during investigations.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (11)

Last Action

Assigned Pa 306'23 (on 12/31/2023)

bill text

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Document Type Source Location
State Bill Page http://legislature.mi.gov/doc.aspx?2023-HB-4197
Fiscal Note/Analysis - Summary as Reported from Committee/Enacte http://www.legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-4197-0907C66A.pdf
BillText http://www.legislature.mi.gov/documents/2023-2024/publicact/htm/2023-PA-0306.htm
BillText http://www.legislature.mi.gov/documents/2023-2024/billenrolled/House/htm/2023-HNB-4197.htm
BillText http://www.legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2023-HEBS-4197.htm
Fiscal Note/Analysis - SUMMARY OF BILL REPORTED FROM COMMITTEE http://www.legislature.mi.gov/documents/2023-2024/billanalysis/Senate/pdf/2023-SFA-4197-F.pdf
Fiscal Note/Analysis - SUMMARY OF HOUSE-PASSED BILL IN COMMITTEE http://www.legislature.mi.gov/documents/2023-2024/billanalysis/Senate/pdf/2023-SFA-4197-L.pdf
BillText http://www.legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2023-HEBH-4197.htm
House Substitute (H-1) http://www.legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-HCVBS-4197-0O338.pdf
Fiscal Note/Analysis - Summary as Reported from Committee http://www.legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-4197-539E36D4.pdf
House Substitute (H-1) http://www.legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-HCVBS-4197-0N295.pdf
Fiscal Note/Analysis - Summary as Introduced http://www.legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-4197-11F5EF43.pdf
BillText http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-4197.htm
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