Michigan Securities License Requirements: Your Guide
Navigate Michigan's securities licensing. Understand broker-dealer, investment adviser, and agent requirements, exams, and registration process. Essential for compliance.
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Michigan requires broker-dealers, investment adviser firms, their agents, and investment adviser representatives to register with the state through LARA's Corporations, Securities & Commercial Licensing Bureau before conducting business. The Michigan Uniform Securities Act (MCL 451.2101 et seq.) governs this framework. Registration is processed through FINRA's CRD or NASAA's IARD systems. Most applicants must pass NASAA/FINRA exams. Registration is mandatory for regulated categories unless an exemption applies.
Quick Answer: Michigan Securities Licensing Overview
Michigan's securities licensing framework is built on the Michigan Uniform Securities Act (MCL 451.2101 et seq.). This act governs who can sell securities, give investment advice, or operate a securities firm in the state. If you fall into a regulated category and no exemption applies, you must register before transacting business.
The four core license categories are:
- Broker-dealers: Firms that buy or sell securities for others or for their own account.
- Broker-dealer agents: Individuals who represent broker-dealers in securities transactions.
- Investment advisers: Firms or individuals compensated for advising on securities.
- Investment adviser representatives (IARs): Individuals who act on behalf of investment adviser firms.
The primary regulator is the Michigan Department of Licensing and Regulatory Affairs (LARA), Corporations, Securities & Commercial Licensing Bureau. LARA works with FINRA for broker-dealer registrations and NASAA for investment adviser registrations.
Sources & Verification (10)
- Elections: voters; state voting rights act; create. Creates & repeals 1969 PA 161 (MCL 691.1031). TIE BAR WITH: SB 0962'26, SB 0963'26, SB 0964'26
- Transportation: funds; population threshold for certain grants; increase. Amends secs. 10e & 13c of 1951 PA 51 (MCL 247.660e & 247.663c).
- Health occupations: dentists; dentist and dental hygienist compact; enact. Amends sec. 16601 of 1978 PA 368 (MCL 333.16601) & adds secs. 16187b & 16611a.
- Individual income tax: credit; credit for eligible family caregivers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 277.
- Natural resources: fishing; allowable catch per species and percentage quota for commercial fishing; provide for. Amends, adds & repeals (See bill). TIE BAR WITH: HB 5802'26
- Health occupations: massage therapists; massage therapist licensure compact; enact. Amends sec. 17951 of 1978 PA 368 (MCL 333.17951) & adds secs. 16187e & 17953a.
- A resolution to declare May 2026 as ALS Awareness Month in the state of Michigan.
- Health: pharmaceuticals; reports on certain costs and other information associated with prescription drugs; require manufacturers of prescription drugs to file with the department. Creates new act.
- Vehicles: other; communication impediment decal for vehicles; provide for. Amends secs. 221 & 310 of 1949 PA 300 (MCL 257.221 & 257.310) & adds sec. 221a. TIE BAR WITH: HB 5950'26
- Traffic control: driver license; communication impediment decal for vehicles; provide for. Amends sec. 5 of 2008 PA 23 (MCL 28.305). TIE BAR WITH: HB 5949'26
Last verified: May 14, 2026
Editorial process: See methodology →
How we verify: 9 source adapters (FAA, DSIRE, IRS, OpenStates, etc.) → AI draft → AI editor → AI polish → spot human review.
Gear & Tools for Michigan Projects
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- Series 65 Exam Prep — Investment Adviser LawThe most common path to becoming a Registered Investment Adviser Rep in any state. Covers Uniform Securities Act, fiduciary duty, and fraud prevention.
- Series 66 Exam Prep — Combined State LawCombines Series 63 + 65 into a single test for candidates already holding Series 7. Required in most states for IAR registration.
- Series 7 Exam Prep — General Securities RepFINRA's broker-dealer rep license. Required by every state before selling general securities. Recently revised for the post-2018 split format.
- Investment Adviser Compliance Manual — Form ADV & CustodyHow to navigate the SEC/state Form ADV split, custody rule, and code of ethics. The reference RIA firms hand new compliance hires.