2008 Legislation
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SENATE BILL NO. 1254<br /> – Securities Act, civil actn, relief

SENATE BILL NO. 1254

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Bill Status



S1254.......................................by COMMERCE AND HUMAN RESOURCES
UNIFORM SECURITIES ACT - Amends existing law relating to the Uniform
Securities Act to provide additional relief available in a civil action.

01/11    Senate intro - 1st rdg - to printing
01/14    Rpt prt - to Com/HuRes

Bill Text




                                                                       
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-ninth Legislature                   Second Regular Session - 2008

                                                                       

                                       IN THE SENATE

                                    SENATE BILL NO. 1254

                         BY COMMERCE AND HUMAN RESOURCES COMMITTEE

  1                                        AN ACT
  2    RELATING TO THE UNIFORM SECURITIES  ACT;  AMENDING  SECTION  30-14-603,  IDAHO
  3        CODE, TO PROVIDE ADDITIONAL RELIEF AVAILABLE IN A CIVIL ACTION.

  4    Be It Enacted by the Legislature of the State of Idaho:

  5        SECTION 1.  That Section 30-14-603, Idaho Code, be, and the same is hereby
  6    amended to read as follows:

  7        30-14-603.  CIVIL  ENFORCEMENT. (a) Civil action instituted by administra-
  8    tor. If the administrator believes that a person has engaged, is engaging,  or
  9    is  about  to engage in an act, practice, or course of business constituting a
 10    violation of this chapter or a rule adopted or  an  order  issued  under  this
 11    chapter  or  that a person has, is, or is about to engage in an act, practice,
 12    or course of business that materially aids a violation of this  chapter  or  a
 13    rule  adopted  or  an  order  issued under this chapter, the administrator may
 14    maintain an action in any court of competent jurisdiction to enjoin  the  act,
 15    practice, or course of business and to enforce compliance with this chapter or
 16    a rule adopted or an order issued under this chapter.
 17        (b)  Relief  available.  In  an  action under this section and on a proper
 18    showing, the court may:
 19        (1)  Issue a permanent or  temporary  injunction,  restraining  order,  or
 20        declaratory judgment;
 21        (2)  Order other appropriate or ancillary relief, which may include:
 22             (A)  An asset freeze, accounting, writ of attachment, writ of general
 23             or  specific execution, and appointment of a receiver or conservator,
 24             that may be the administrator, for the defendant or  the  defendant's
 25             assets;
 26             (B)  Ordering  the  administrator  to  take  charge  and control of a
 27             defendant's property, including investment accounts and accounts in a
 28             depository institution, rents, and profits; to collect debts; and  to
 29             acquire and dispose of property;
 30             (C)  Imposing  a  civil  penalty  not  to exceed ten thousand dollars
 31             ($10,000) for each violation; an order of rescission, restitution, or
 32             disgorgement directed to a person that has engaged in an  act,  prac-
 33             tice,  or course of business constituting a violation of this chapter
 34             or the predecessor act or a rule adopted or  an  order  issued  under
 35             this chapter or the predecessor act; and
 36             (D)  Ordering  the  payment of prejudgment and postjudgment interest;
 37             and
 38             (E)  Ordering the payment of investigative and legal  costs  incurred
 39             by the administrator in pursuing the action; or
 40        (3)  Order such other relief as the court considers appropriate.
 41        (c)  No  bond  required. The administrator shall not be required to post a
 42    bond in an action or proceeding under this chapter.

Statement of Purpose / Fiscal Impact



                      STATEMENT OF PURPOSE

                             RS 17353

These changes will allow the Department of Finance to seek to 
recover its investigative and legal costs when it brings a civil 
securities lawsuit.



                           FISCAL NOTE
Increased revenue estimated at $0 - $50,000 per year.






CONTACT
Name:	Marilyn Chastain
Agency:	Finance, Dept. of
Phone:	332-8070


STATEMENT OF PURPOSE/FISCAL NOTE	                 S 1254