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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
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008IN 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;and36 (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
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