HB 1408 Summary

• Exempts the securities division of the office of the secretary of state from administrative orders and procedures governed by IC 4-21.5-2-4.

• Defines "net loss" for victims of securities violations as out-of-pocket loss minus any restitution already received from the party ordered to pay.

• Caps victim awards at the lesser of $15,000 or 25% of the victim's net loss (changed from 25% of out-of-pocket loss).

• Authorizes the securities division to bring legal action in Marion County circuit or superior court to recover forfeited or refunded funds from restitution orders.

• Makes all awards and determinations by the securities division final and non-reviewable by courts or appeal.