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IN HB1539
Bill
Status
5/4/2015
Primary Sponsor
Robert Heaton
Click for details
AI Summary
HEA 1539 Summary
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Expands eligibility for distributions from continuing care retirement community guaranty association funds to include all living residents whose agreements were executed before July 1, 2009, regardless of whether contributions were made on their behalf, effective July 1, 2015.
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Modifies loan broker licensing enforcement procedures to require hearings within 15 business days for summary suspension or revocation orders, and 45 business days for other orders, upon written request from respondents.
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Repeals sections 2.4 and 2.6 of Indiana's securities law and consolidates accredited investor exemption requirements into section 2(26), establishing detailed disclosure, escrow, and Internet platform requirements for intrastate securities offerings made after June 30, 2014.
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Establishes quarterly reporting requirements for issuers of securities sold under the accredited investor exemption, requiring disclosure of executive compensation and management analysis of business operations until all securities are redeemed.
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Modifies the securities division enforcement account structure to deposit 50% of the first $2 million in civil penalties and settlements into a dedicated enforcement account for investor education and investigation costs, with amounts exceeding $2 million going to the general fund.
Legislative Description
Securities. Provides that living residents of bankrupt continuing care retirement communities who executed a continuing care agreement before July 1, 2009, are eligible to receive distributions from the guaranty association fund. (Current law provides that any living resident of a bankrupt continuing care retirement community is eligible to receive distributions from the guaranty association fund.) Removes a provision that provides that IC 4-21.5 (laws governing administrative orders and proceedings) does not apply to certain provisions regulating loan brokers. Removes certain provisions concerning transactions involving securities that are exempt from registration. Provides that IC 4-21.5 (laws governing administrative orders and proceedings)
Last Action
Public Law 160
5/4/2015