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STATE OF MICHIGAN  
DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS  
CORPORATIONS, SECURITIES & COMMERCIAL LICENSING  
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PUBLIC HEARING  
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MONDAY, OCTOBER 18, 2021  
AT ABOUT 1:17 P.M.  
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2407 NORTH GRAND RIVER AVENUE  
LANSING, MICHIGAN  
SUN CONFERENCE ROOM  
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RE: Administrative Rules for Securities  
Rule Set 2021-17 LR  
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HEARING FACILITATOR:  
MACKENZIE JONES  
Corporations, Securities & Commercial Licensing Bureau  
2407 N. Grand River Avenue  
Lansing, Michigan 48906  
21 ALSO PRESENT: Stephen Brey  
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23 REPORTED BY: Lori Anne Penn, CSR-1315  
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Penn Reporting, LLC - lori.penn@yahoo.com  
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I N D E X  
2 Opening - Mackenzie Jones  
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3 Closing - Mackenzie Jones  
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5 COMMENTS:  
PAGE  
6 (None.)  
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Penn Reporting, LLC - lori.penn@yahoo.com  
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Lansing, Michigan  
Monday, October 18, 2021  
At 1:17 p.m.  
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(Public hearing commenced pursuant to due notice.)  
MR. JONES: This is public hearing on  
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proposed administrative rules entitled, "Securities".  
This hearing is being conducted under provisions of 2008  
Public Act 551, the Michigan Uniform Securities Act, and  
on behalf of the Department of Licensing and Regulatory  
Affairs, Corporations, Securities, and Commercial  
Licensing Bureau.  
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This hearing is being called to order at  
approximately 1:17 p.m. on Monday, October 18, 2021, at  
the MRA Building, 2407 North Grand River Avenue, Lansing,  
Michigan 48906, in the Sun Conference Room. The notice  
of public hearing was published in three newspapers of  
general circulation as follows:  
• The Grand Rapids Press on or around  
September 30, 2021.  
• The Ann Arbor News on or around September 30,  
2021.  
• The Marquette Mining Journal on or around  
October 1, 2021.  
The notice and proposed rules were published in the  
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October 15, 2021, issue of the Michigan Register and  
were posted to the Office of Regulatory Reinvention  
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This hearing is being conducted under the  
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authority conferred upon the Department by the Michigan  
Uniform Securities Act and under the Administrative  
Procedures Act of 1969, Public Act 306.  
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My name is Mack Jones from the  
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Corporations, Securities, and Commercial Licensing  
Bureau, and I'm conducting the public hearing today.  
We are here to receive comments and  
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recommendations on the proposed rules. Testimony and  
written comments presented at this hearing or received in  
writing will be reviewed for consideration for any  
changes or additions to the proposed rules and will  
become a part of the public record.  
Following the hearing, the rules will be  
submitted to the Corporations, Securities, and Commercial  
Licensing Bureau and the Office of Policy and Legislative  
Affairs to review any possible changes in response to the  
public's comments. They will then go to the Michigan  
Office of Administrative Hearings and Rules, Rules  
Division, and the Legislative Service Bureau for  
certification. The rules will then be forwarded to the  
Joint Committee on Administrative Rules. After their  
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final approval, the rules will be filed with the  
Secretary of State and will take effect within seven days  
after the filing.  
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Please sign in and include your name and  
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your e-mail address so that your attendance can be  
included in the public record. If you wish to speak,  
please make sure you have indicated your willingness to  
speak on the sign-in sheet. We will call on speakers in  
the order in which names are listed on the sign-in sheet.  
When you come forward to speak, please identify yourself  
with your name, the organization you represent, and both  
your e-mail address, your phone number, so that  
information may be transcribed into the hearing report.  
If you do not wish to testify but wish to  
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state your support or opposition to the rules, please  
complete the testimony cards and give them to me or my  
colleagues to include in the public record.  
If you did not bring a prepared  
statement, the record will remain open until 5:00 p.m. on  
Monday, October 25, 2021, for additional written comments  
which may be submitted to me by e-mail at  
In making suggestions for any changes to  
the proposed rules, please give reasons for the changes  
and how the changes would be -- would be in the public  
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interest. If you support the rules as written, you may  
make a statement to that effect.  
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(Recess at 1:20 p.m. to allow for participants to  
arrive.)  
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MR. JONES: Seeing no one's in attendance  
at the hearing, we will adjourn. The current time is  
1:30. Thank you for your time.  
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(At 1:30 p.m., the public hearing concluded.)  
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Penn Reporting, LLC - lori.penn@yahoo.com  
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2 STATE OF MICHIGAN )  
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3 COUNTY OF MACOMB )  
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I, Lori Anne Penn, certify that this  
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transcript consisting of 7 pages is a complete, true, and  
correct record of the Public Hearing held in the  
captioned matter on Monday, October 18, 2021.  
I further certify that I am not  
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responsible for any copies of this transcript not made  
under my direction or control and bearing my original  
signature.  
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I also certify that I am not a relative  
or employee of or an attorney for a party; or a relative  
or employee of an attorney for a party; or financially  
interested in the action.  
October 19, 2021  
Date  
_________________ _____  
Lor
Notan  
My Commission Expires June 15, 2025  
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