Michigan — Statute

750.127 – Bucket shop; definition | Michigan Law

Learn what a bucket shop is under Michigan law, including its definition and key features related to unregulated commodity and stock trading.

Legal Content

Michigan State Law

750.127 – Bucket shop; definition

Michigan Penal Code § 750.127

Summary

This law defines a 'bucket shop' as a place where individuals or agents conduct or offer to conduct contracts or trades related to stocks, commodities, or personal property, often based on market quotations without genuine transactions on exchanges. It emphasizes that such operations may involve agreements that are settled based on market prices, sometimes without actual trading on a formal exchange. The law aims to identify and regulate these types of speculative or potentially deceptive trading venues.

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Explain Like I'm 5

In simple terms: Learn what a bucket shop is under Michigan law, including its definition and key features related to unregulated commodity and stock trading.. This means people must follow this rule, and breaking it can lead to criminal penalties.