SB-0700, As Passed House, September 15, 2009
July 15, 2009, Introduced by Senators CROPSEY, RICHARDVILLE, KAHN and BIRKHOLZ and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1976 PA 331, entitled
"Michigan consumer protection act,"
by amending section 20 (MCL 445.920).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
20. (1) The director of the department of commerce
energy, labor, and economic growth may investigate, in the manner
set
forth in section 7, a person subject to Act No. 265 of the
Public
Acts of 1964, as amended, being sections 451.501 to 451.818
of
the Michigan Compiled Laws the uniform securities act, 1964 PA
265, MCL 451.501 to 451.818; the uniform securities act (2002),
2008
PA 551, MCL 451.2101 to 451.2703; Act
No. 229 of the Public
Acts
of 1963, as amended, being sections 559.1 to 559.31 of the
Michigan
Compiled Laws; Act No. 284 of the Public Acts of 1972, as
amended,
being sections 450.1101 to 450.2099 of the Michigan
Compiled
Laws the business corporation
act, 1972 PA 284, MCL
450.1101
to 450.2098; or Act No. 269 of the
Public Acts of 1974,
being
sections 445.1501 to 445.1545 of the Michigan Compiled Laws
the franchise investment law, 1974 PA 269, MCL 445.1501 to
445.1546, who the director believes has engaged, is engaging, or is
about to engage in a method, act, or practice which is unlawful
under this act.
(2) When the director requires the use of the subpoena power
provided in this act, an application shall be made to the attorney
general, who shall proceed to procure a subpoena on behalf of the
director in accordance with section 7.
(3) Upon conclusion of an investigation, the director shall
provide a full report to the attorney general.