Michigan Compiled Laws 551-2008-5 Article 5 Fraud And Liabilities (451.2501...451.2510)

• Section 451.2501 Unlawful Conduct; Fraud.
  It is unlawful for a person, in connection with the offer, sale, or purchase of a security or the organization or operation of a...
• Section 451.2502 Investment Advice Or Publications; Prohibited Conduct; Rule Or Order.
  (1) It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the...
• Section 451.2503 Civil Action Or Administrative Proceeding; Burden Of Proof.
  (1) In a civil action or administrative proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden to...
• Section 451.2504 Sales And Advertising Literature; Filing.
  (1) Subject to subsection (2), a rule or order under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement,...
• Section 451.2505 Misleading Filings.
  A person shall not make or cause to be made, in a record that is used in an action or proceeding or filed under...
• Section 451.2506 Misrepresentations Concerning Registration Or Exemption.
  The filing of an application for registration, a registration statement, a notice filing under this act, or the registration of a person, the notice...
• Section 451.2507 Immunity From Liability.
  A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered...
• Section 451.2508 Violations; Penalties.
  (1) A person that willfully violates this act or a rule adopted or order issued under this act, except section 504 or the notice...
• Section 451.2509 Civil Liability; Joint And Several Liability; Statute Of Limitations; Violative Contract; Waiver Prohibited; Other Rights Or Remedies.
  (1) Enforcement of civil liability under this section is subject to the securities litigation uniform standards act of 1998. (2) A person is liable...
• Section 451.2510 Purchaser, Seller, Or Recipient Of Investment Advice; Action Prohibited; False Representation; Security As Void; Damages.
  (1) A purchaser, seller, or recipient of investment advice may not maintain an action under section 509 if all of the following are met:...

Last modified: October 10, 2016