The bill amends the Uniform Securities Act (2002) by updating sections 401 and 402, which govern the registration requirements for broker-dealers and agents in Michigan. It specifies that individuals and entities must be registered to transact business as broker-dealers or agents unless they meet certain exemptions. Notable changes include the clarification of exemptions for broker-dealers without a physical presence in Michigan, the introduction of new provisions regarding mortgage brokers and lenders, and the requirement for timely registration following a customer's first transaction in the state.

Additionally, the bill modifies the language regarding the supervision of individuals dealing in government securities and updates the definitions related to mortgage licensing. It also emphasizes that agents must be registered or exempt to act on behalf of broker-dealers or issuers, and it restricts agents from representing more than one broker-dealer or issuer at a time unless they are affiliated. The enactment of this bill is contingent upon the passage of another related bill in the legislature.

Statutes affected:
House Introduced Bill: 451.2401, 451.2402