Mich. Comp. Laws » Michigan Compiled Laws / Chapter 451 / Act 551 of 2008
Michigan Compiled Laws

Mich. Comp. Laws § 451.2504 (2026)

Sales and advertising literature; filing.

✓ current as of July 2026
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UNIFORM SECURITIES ACT (2002)


Act 551 of 2008


451.2504 Sales and advertising literature; filing.

Sec. 504.

    (1) Subject to subsection (2), a rule or order under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this act.

    (2) This section does not apply to sales and advertising literature specified in subsection (1) relating to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 201, 202, or 203 except as required under section 201(g) or 202(1)(x).

History: 2008, Act 551, Eff. Oct. 1, 2009 ;-- Am. 2013, Act 264, Imd. Eff. Dec. 30, 2013

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.

Notes of Decisions
Cited in 2 cases, 2017–2017 · leading case: People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2017).
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People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2017). “2306 and MCL 451.2504]: * * * (n) A sale or an offer to sell securities by or on behalf of an issuer, if the transaction is part of a single issue in which all of the following are met: (i) There are not more than 50 purchasers in this state during any 12 consecutive months,…”
People of Michigan v. Joel Irwing Wilson (Mich. Ct. App. 2017). “2306 and MCL 451.2504]: * * * (n) A sale or an offer to sell securities by or on behalf of an issuer, if the transaction is part of a single issue in which all of the following are met: (i) There are not more than 50 purchasers in this state during any 12 consecutive months,…”
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