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AR SB418
Bill
Status
4/19/2023
Primary Sponsor
Jonathan Dismang
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AI Summary
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Transfers administrative functions of the State Securities Department to the State Bank Department within the Department of Commerce, while the Securities Department retains its statutory authority, powers, duties, and funds.
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Securities Commissioner reporting structure changes from reporting to the Secretary of the Department of Commerce to reporting to the Bank Commissioner, with the Bank Commissioner authorized to act as Securities Commissioner.
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Amends multiple statutes to require the Securities Commissioner to consult with the Bank Commissioner when investigating violations and taking enforcement actions related to cooperative banks, industrial development companies, credit unions, and savings and loan associations.
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Establishes the State Securities Department as a division within the State Bank Department while maintaining existing orders, rules, and licensing standards issued by the Securities Department.
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Approved April 4, 2023.
Legislative Description
To Transfer The Administrative Functions Of The State Securities Department To The State Bank Department; And To Amend The Law Concerning The Organization Of The State Securities Department.
Last Action
Notification that SB418 is now Act 475
4/19/2023