MS HB1002

Extends the time period for violations from ten (10) years to fifteen (15) years for willful violations or failures to comply with Mississippi securities law under Section 75-71-412(d)(2) and supervision requirements under Section 75-71-412(d)(9).

Establishes that each twelve-month period of ongoing failure to supervise constitutes a separate violation, and if a person failed to supervise more than one individual during a twelve-month period, each individual represents a separate violation.

Removes time limitations for civil enforcement actions or administrative enforcement actions brought by the Secretary of State under Sections 75-71-603 or 75-71-604, while maintaining a five-year limitation on private civil actions under the predecessor securities act.

Effective date: July 1, 2017.