Michigan Laws 451.2451 – Definitions
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Terms Used In Michigan Laws 451.2451
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Michigan Laws 451.2102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Intrastate offering exemption: means the exemption described in section 202a or any other exemption from federal securities regulation under 15 USC 77c(a)(11) and SEC rule 147, 17 C. See Michigan Laws 451.2451
- market or exchange: includes an online market or exchange or any other market or exchange operated through a web portal. See Michigan Laws 451.2451
- Online: means functioning on or over the internet. See Michigan Laws 451.2451
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, limited liability partnership, association, joint venture, or government; a governmental subdivision, agency, or instrumentality; a public corporation; or any other legal or commercial entity. See Michigan Laws 451.2102b
- Sale: includes every contract of sale, contract to sell, or disposition of, a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. See Michigan Laws 451.2102c
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 451.2102c
- Web portal: means an online entity through which persons are able to effect transactions in securities. See Michigan Laws 451.2451
As used in this article:
(a) “Intrastate offering exemption” means the exemption described in section 202a or any other exemption from federal securities regulation under 15 USC 77c(a)(11) and SEC rule 147, 17 C.F.R. § 230.147, 15 USC 77e and SEC rule 147A, 17 C.F.R. § 230.147A.
(b) “Michigan investment market” means a person that is a broker-dealer, is exempt from federal registration under section 15(a)(1) of the securities exchange act of 1934, 15 USC 78o, and provides a market or exchange at which transactions in securities that are sold or offered for sale in this state under an intrastate offering exemption take place. As used in this subdivision, “market or exchange” includes an online market or exchange or any other market or exchange operated through a web portal.
(c) “Online” means functioning on or over the internet.
(d) “Personal identifying information” means any information used to locate or accurately categorize an individual, household, or business.
(e) “Resident of this state” means 1 of the following, as applicable:
(i) If a person is an individual, his or her principal residence is located in this state.
(ii) If a person is a business that is a general partnership or other form of organization that is not incorporated or organized under the laws of this state, that person’s principal office is located in this state.
(iii) If the person is a business that is a corporation, limited liability company, limited partnership, trust, or other form of legal entity that is incorporated or organized under state law, that person is incorporated or organized under the laws of this state.
(f) “Service” means to include securities issued by a person in or on a market or exchange for sale or to assist in facilitating securities transactions in or on a market or exchange.
(g) “Web portal” means an online entity through which persons are able to effect transactions in securities.