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ID H0492
Bill
Status
3/14/2012
Primary Sponsor
Business Committee
Click for details
AI Summary
House Bill No. 492 - Summary
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Amends the Uniform Securities Act of 2004 to remove reference to late fees for notice filings under section 30-14-302 and to remove reference to documents included in notice filings.
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Prohibits diversion of investor funds from their intended use in connection with securities transactions (section 30-14-501) and by persons providing investment advice (section 30-14-502), requiring specific disclosure before receiving investor money.
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Establishes a three-year statute of limitations for civil actions brought by the Department of Finance, measured from the discovery of facts constituting the alleged violation (section 30-14-603).
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Makes various technical corrections and provides correct citations to federal securities laws throughout sections 30-14-102, 30-14-202, 30-14-302, 30-14-402, 30-14-412, and 30-14-611.
Legislative Description
Amends existing law to remove reference to documents included in a notice filing and to remove reference to a late fee; to prohibit the diversion of investor funds from their intended use in connection with a securities transaction; to prohibit the diversion of investor funds from their intended use by one providing investment advice; and to provide a statute of limitation for civil securities actions by the Department of Finance.
UNIFORM SECURITIES ACT
Last Action
Governor signed Session Law Chapter 65 Effective: 07/01/12
3/14/2012