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IL HB5740

Bill

Official Source

Status

Introduced

2/9/2010

Primary Sponsor

Bill Mitchell

Click for details

Origin

House of Representatives

96th General Assembly

AI Summary

HB5740 Summary

  • Increases maximum civil fine for Illinois Securities Law violations from $10,000 to $100,000 per violation.

  • Requires Secretary of State to notify all clients of sanctioned parties by registered mail that a violation has occurred, with notification costs covered by imposed fines.

  • Provides immunity from liability for Secretary of State and their office regarding notification failures, except in cases of willful or wanton misconduct.

  • Effective immediately upon enactment.

Legislative Description

SECURITIES LAW-VIOLATION-FINE

Last Action

Rule 19(a) / Re-referred to Rules Committee

3/15/2010

Committee Referrals

Rules3/15/2010
Judiciary I - Civil Law2/16/2010
Rules2/9/2010

Full Bill Text

No bill text available