S.B. 952: COMMITTEE SUMMARY INVESTMENT ADVISORS
Senate Bill 952 (as introduced 3-28-96) Sponsor: Senator Doug Carl Committee: Financial Services
Date Completed: 5-6-96
The bill would amend the Uniform Securities Act to allow a person to transact business in Michigan as an investment advisor, without registering under the Act, if his or her only clients in Michigan were serviced via telephone.
The Act prohibits a person from transacting business as an investment advisor unless the person complies with one of the following:
-- He or she is registered under the Act.
-- He or she is registered as a broker-dealer without the imposition of conditions under the Act.
-- His or her only clients in Michigan are investment companies as defined in the Federal Investment Company Act or insurance companies, banks, or trust companies.
The bill would add to that list that the person’s only Michigan clients were individuals who gained access to the person’s services through a 1-900 or 1-800 telephone number.
MCL 451.601 Legislative Analyst: P. Affholter
The bill would have no fiscal impact on State or local government.
Fiscal Analyst: M. Barsch
S9596\S952SA
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
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