Print Friendly SENATE BILL NO. 1254
– Securities Act, civil actn, relief
SENATE BILL NO. 1254
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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 - 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
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;
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
These changes will allow the Department of Finance to seek to
recover its investigative and legal costs when it brings a civil
Increased revenue estimated at $0 - $50,000 per year.
Name: Marilyn Chastain
Agency: Finance, Dept. of
STATEMENT OF PURPOSE/FISCAL NOTE S 1254