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OH HB550
Bill
Status
6/15/2010
Primary Sponsor
Louis Blessing
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AI Summary
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Amends section 1707.20 to allow the Division of Securities to prescribe the form and content of financial statements without requiring a formal rule or order.
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Changes financial statement requirements from "certified" by accountants to "audited" by independent certified public accountants and updates accounting standard language to "generally accepted accounting principles."
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Creates new section 1707.49 establishing administrative assessment penalties up to $10,000 per violation for violations of Ohio Securities Act, with each day of continuing violation treated as a separate offense.
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Allows the Commissioner to order additional remedies for violations including rescission of transactions, disgorgement of profits, restitution, investigation cost recovery, and interest payments at the legal rate.
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Directs administrative assessments collected to be deposited into the Division of Securities investor education and enforcement expense fund.
Legislative Description
To specify the form of financial statements and to include administrative assessments and other remedies as a remedy for a violation of the Ohio Securities Act.
Ohio Securities Act-financial statements/remedies for violation of
Last Action
To Financial Institutions, Real Estate, & Securities
6/15/2010