2014 Michigan Compiled Laws
Chapter 451 - SECURITIES, REAL ESTATE, AND DEBT MANAGEMENT
Act 551 of 2008 UNIFORM SECURITIES ACT (2002) (451.2101 - 451.2703)
551-2008-5 ARTICLE 5 FRAUD AND LIABILITIES (451.2501...451.2510)
Section 451.2501 Unlawful conduct; fraud.
UNIFORM SECURITIES ACT (2002) (EXCERPT)
Act 551 of 2008
451.2501 Unlawful conduct; fraud.
It is unlawful for a person, in connection with the offer, sale, or purchase of a security, to directly or indirectly do any of the following:
(a) Employ a device, scheme, or artifice to defraud.
(b) Make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.
(c) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on another person.
History: 2008, Act 551, Eff. Oct. 1, 2009
Compiler's Notes: For transfer of securities division of office of finance and insurance regulation from office of finance and insurance regulation to department of licensing and regulatory affairs, see E.R.O. No. 2012-6, compiled at MCL 445.2034.
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