HB 5273, a bill dealing with Michigan investment markets, unanimously passed out of the Senate Banking and Financial Institutions committee this afternoon. HB 5273 would give businesses and residents in Michigan the ability to become broker-dealers to create a market (online or in person) through which intrastate stocks can be listed, bought, sold and resold. Those interested in purchasing stock from local companies would have easy access to the listings of all the companies on the exchange and show these potential investors that there is indeed a market for what they may be purchasing. Exchanges must apply and be registered with the state as well as follow rules of operation laid out in the legislation which will provide security for all those participating, both the businesses and the investors.
This is the next progression from the MILE/crowdfunding legislation that was passed earlier this year and we are thankful to Rep. Jenkins for working so diligently to help small businesses in our local communities grow and prosper.
Nikki Brown is a legislative associate for the League handling economic development and land use issues. She can be reached at [email protected] or 517-908-0305.