Michigan Governor Gretchen Whitmer has signed a bill NAIFA-MI helped shape and strongly advocated for that will help protect vulnerable adults, specifically seniors, from financial fraud and exploitation. The new law allows broker-dealers or investment advisors to delay disbursements or transactions if they suspect a client is being exploited or defrauded.
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NAIFA is proud that Michigan is the 14th state to embrace a personal finance education course requirement. Michigan's legislation requires that all high school students take a half-credit course in personal finance before they graduate. The Michigan House of Representatives passed HB 5190 by a vote of 94-13 and the bill passed the state's Senate in May with a vote of 35-2. Members of NAIFA-Michigan, who first created this concept a decade ago with legislation to create optional courses, celebrate the signature of Governor Whitmer updating Michigan’s high school curriculum to include a financial literacy course.
Topics: State Advocacy Financial Literacy Michigan
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Michigan and Arkansas have become states number four and five to adopt a best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation.