WILLIAM DONALD SCHAEFER, Governor Ch. 533

CHAPTER 533

(House Bill 1474)

AN ACT concerning

Securities - Definitions, Registrations, Exemptions,
Enforcement, and Penalties

FOR the purpose of amending the definition of "agent" to exclude
persons effecting transactions in certain exempt securities;
permitting the Securities Commissioner to require additional
information of a broker-dealer or agent applicant;
providing procedures for registration of successor
broker-dealers and their agents; amending the grounds for
denial, suspension, or revocation of a broker-dealer's or
agent's application; clarifying that the Securities
Commissioner may waive the examination requirement for a
person or class of persons; expanding the method by which
certain issuers may notify the Securities Commissioner of
federal securities registration effectiveness; permitting
the Securities Commissioner to waive or modify certain
registration requirements under certain circumstances;
establishing one-year effectiveness for registration
statements unless extended by the Securities Commissioner;
permitting registration of an indefinite amount of
securities for certain issuers and establishing procedures
for maintaining such registration; amending the exemption
from registration for the securities of certain
not-for-profit issuers; providing certain exemptions from
registration if certain conditions are met; clarifying the
burden of proof in proceedings under Title 11; clarifying
the Securities Commissioner's authority to issue summary
cease and desist orders; providing for other actions that
the Securities Commissioner- may take against violators of
Title 11; expanding the remedies the Securities Commissioner
may seek; increasing the fine that may be imposed upon
conviction of violation of certain provisions of Title 11 or
certain rules or orders under it; increasing certain
penalties relating to the registration of broker-dealers and
agents; expanding the entities to which evidence concerning
violations of this title or any rule or order under it may
be referred to include the Attorney General; making certain
technical corrections; and generally relating to the
regulation of securities in the State.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

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