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IN HB1088
Bill
Status
1/5/2017
Primary Sponsor
Jeff Ellington
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AI Summary
HB 1088 Summary
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Changes the statute of limitations for civil actions under the Indiana Uniform Securities Act from "three years after discovery" to "three years after the person bringing the action has actual knowledge" of violations involving security sales or investment advice.
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Establishes a five-year statute of limitations for criminal prosecutions under the Indiana Uniform Securities Act, running from the date the state first discovers evidence sufficient to charge the offender with the offense.
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Effective July 1, 2017.
Legislative Description
Statutes of limitations for securities violations. Specifies that an action brought by a person for an alleged violation of the Indiana Uniform Securities Act (Act) involving: (1) the sale of a security; or (2) the providing of investment advice; must be commenced not later than three years after the person bringing the action has actual knowledge of the violation. (Current law provides that the action must be commenced within three years after discovery by the person bringing the action of the violation.) Provides that a prosecution for an offense under the Act is barred unless commenced within five years after
Last Action
First reading: referred to Committee on Judiciary
1/5/2017