Finders & Solicitors

The Michigan Uniform Securities Act (Act), PA 551 of 2008, defines a finder as “a person who, for consideration, participates in the offer to sell, sale, or purchase of securities by locating, introducing, or referring potential purchasers or sellers.”

The Act defines a broker-dealer as “a person engaged in the business of effecting transactions in securities for the account of others or for the person’s own account.”

The Act defines an investment adviser representative as “an individual employed by or associated with an investment adviser or federal covered investment adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or holds himself or herself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing.”

You can find the registration requirements at the following links:

If questions, contact Securities at 517-241-6345 or at CSCL-SEC-Registration@michigan.gov