MO HB1896

Repeals and replaces 10 sections of Missouri's securities laws (sections 409.1-102, 409.2-202, 409.3-304, 409.4-401, 409.4-404, 409.4-408, 409.4-412, 409.5-501, 409.6-604, and 409.6-607)

Modernizes definitions and terminology in the Missouri Securities Act, including updates to definitions of industrial loan companies, securities, and investment contracts to align with federal standards

Modifies exemptions from securities registration requirements, including changes to nonissuer transactions and updates to the criteria for qualifying transactions

Adjusts broker-dealer registration requirements and exemptions, including clarifications on federal covered investment advisers and foreign broker-dealers operating in Missouri

Updates disciplinary procedures and enforcement mechanisms, including revised grounds for denial or suspension of registrations and modified civil penalty amounts ($5,000-$50,000 for registrants; up to $10,000 in cease-and-desist proceedings)