H.B. 600 Summary

• Authorizes the Division of Securities to order payment of administrative assessments up to $10,000 per violation of securities laws, with each day of a continuing violation counted as a separate offense, subject to notice and hearing requirements under Chapter 119.

• Permits the Division to order payment of investigatory and related costs including attorney and witness fees, and to issue consent orders requiring violators to rescind transactions, disgorge profits, or make restitution with interest up to the criminal usury rate.

• Allows the Division to refer unpaid administrative assessments to the Attorney General for collection and to take appropriate action to compel compliance with consent orders.

• Changes financial statement requirements from "certified" to "audited" by independent certified public accountants in accordance with generally accepted accounting principles, and requires the Division to adopt rules establishing hardship exemption criteria for audit requirements.

• Directs investigatory costs and administrative assessments collected under the new provisions to be deposited into the Division of Securities Investor Education and Enforcement Expense Fund for education and enforcement activities protecting securities investors.