Title 44 — Trade and Commerce

A. Dealers and salesmen shall retain registration by filing: 1. A supplemental statement showing changes in the facts set forth in the original application for registration as supplemented or amended as such changes occur or within ninety days after the change. 2. In the case of …

Each registered dealer shall promptly notify the director of the termination of the employment of a registered salesman. The registration of the salesman shall automatically be suspended from the time of termination of the employment until the salesman is again employed by a regi…

A salesman who is registered under this chapter and who is a member of the Arizona national guard, the United States armed forces reserves or the regular component of the United States armed forces shall remain eligible to receive compensation for transactions under this chapter …

A. After a hearing or notice and opportunity for a hearing as provided in article 11 of this chapter, the commission may enter an order suspending for a period of not to exceed one year, denying or revoking the registration of a dealer if the commission finds that: 1. The applica…

A. After a hearing or notice and opportunity for a hearing as provided by article 11 of this chapter, the commission may enter an order suspending for a period of not to exceed one year, denying or revoking the registration of a salesman if the commission finds that: 1. The appli…

A. If, after A hearing or notice and opportunity for A hearing as provided by article 11 of this chapter, the commission finds grounds to deny, revoke or suspend the registration of a dealer or salesman, the director shall enter an order in the register of dealers and salesmen de…

A. If the commission has reasonable grounds to believe that a registered dealer or salesman has been guilty of any act or omission which would be sufficient ground for denying or revoking the registration of the dealer or salesman, it may enter an order temporarily suspending the…

Hearings may be ordered by the commission on the commission's own initiative or at the written request of any interested person: 1. For the purpose of administering or obtaining information necessary in the enforcement of this chapter or the rules, regulations or orders of the co…

A. Before entering an order denying or revoking the registration of any securities as provided in section 44-1901 or article 8 of this chapter the commission shall send to the issuer of the securities, and, if the application for registration of the securities was filed by a regi…

A. Any hearing under this article may be held before the commission, a member thereof, the director, or other authorized officer of the commission as the commission directs. B. Conduct of the hearing shall be governed by this section, and by the rules of practice and procedure wh…

The commission may institute or grant rehearings on application made within twenty calendar days after entry of an order or decision. Unless otherwise ordered, filing an application for rehearing does not stay the commission's decision or order. If the commission does not grant a…

Decisions of the commission pursuant to this chapter shall be subject to judicial review in the Maricopa county superior court pursuant to title 12, chapter 7, article 6.

A. It is a fraudulent practice and unlawful for a person, in connection with a transaction or transactions within or from this state involving an offer to sell or buy securities, or a sale or purchase of securities, including securities exempted under section 44-1843 or 44-1843.0…

It is a fraudulent practice and unlawful: 1. For a person to subscribe to or make or cause to be made an untrue statement of a material fact in an application, registration statement, prospectus, financial statement or document required to be filed under any provision of this cha…

Neither the fact that securities are registered by description under article 6 of this chapter or by qualification under article 7 of this chapter, nor the fact that registration of the securities has not been denied, suspended or revoked shall be deemed a finding by the commissi…

Neither the fact that a dealer or salesman is registered under article 9 of this chapter, nor the fact that the registration of the dealer or salesman has not been denied, suspended or revoked shall be deemed a finding by the commission or by the director that the dealer or sales…

A person violating a provision of this article is guilty of a class 4 felony.

A dealer, salesman, agent or person associated with a dealer, salesman or agent shall not directly or indirectly solicit or accept remuneration for assisting an attorney in obtaining the representation of any person in any private action arising under this chapter, the securities…

A. If any part of the registration statement filed under any federal or Arizona securities laws relating to securities offered or sold within or from this state contained, at the time the part became effective, an untrue statement of a material fact or omitted to state a material…

A. In any case relating to securities offered or sold within or from this state, any person who offers or sells a security by means of a prospectus or oral communication that includes an untrue statement of a material fact or omits to state a material fact necessary in order to m…

A. Every person who, by or through stock ownership, agency or otherwise or who pursuant to or in connection with an agreement or understanding with one or more other persons by or through stock ownership, agency or otherwise controls any person liable under this article, other th…

Any condition, stipulation or provision binding any person acquiring any security to waive compliance with this chapter or chapter 13 of this title or of the rules of the commission is void.

A. A sale or contract for sale of any securities to any purchaser in violation of section 44-1841 or 44-1842 or article 13 of this chapter is voidable at the election of the purchaser, and the purchaser may bring an action in a court of competent jurisdiction to recover the consi…

A. A purchase or contract for purchase from a seller of securities made in violation of section 44-1842, 44-1991 or 44-1994 is voidable at the election of the seller of the securities, and the seller may bring an action in a court of competent jurisdiction to recover the amount o…

A. Subject to the provisions of this section, an action brought under section 44-2001, 44-2002 or 44-2032 may be brought against any person, including any dealer, salesman or agent, who made, participated in or induced the unlawful sale or purchase, and such persons shall be join…

A. No civil action shall be maintained under this article to enforce any liability based on a violation of section 44-1841 or 44-1842 unless brought within one year after the violation occurs. B. Except as provided in subsection C of this section, no civil action shall be brought…

Nothing in this article shall limit any statutory or common law right of any person in any court for any act involved in the sale of securities.

If an act, practice or transaction constituting a violation of section 44-1841 or 44-1842 or article 13 of this chapter is alleged in a complaint filed by this state or any agency of this state, the commission may petition the superior court in Maricopa county for the appointment…

A complaint filed in the superior court of Maricopa county for the appointment of a conservator to reorganize, or a receiver to wind up, the affairs of a violator of this chapter shall set out the alleged violations with particularity and shall be verified by the director or assi…

A. The superior court may, after the complaint is filed, issue a preliminary injunction restraining the defendant named in the complaint from removing, encumbering or otherwise disposing of his property located within this state, and the court may in its discretion appoint a temp…

A. The complaint, together with the order of the court setting the time of hearing, shall be served upon the defendant together with the notice of the time of hearing. B. The court, upon the hearing and after hearing the evidence, may dismiss the complaint or make the preliminary…

A. A temporary or permanent conservator shall be an officer of the court and shall give bond in the amount and conditioned as ordered by the court. The conservator has all the rights, powers and privileges of a receiver and is subject to the obligations, penalties and orders of t…

A. A permanent conservator shall administer the affairs until, in the opinion of the court, the appointment is no longer necessary to conserve, protect and preserve, reorganize or further administer the properties and affairs in his possession to protect the rights of all persons…

A conservator may incur expenses and employ engineers, accountants, attorneys or other persons in connection with his duties as the court approves. The compensation of the conservator and personnel appointed shall be fixed by the court and paid from assets in possession of the co…

A. The superior court in this state shall have jurisdiction over violations of this chapter, the rules and orders of the commission under this chapter and all actions brought to enforce any liability or duty created under this chapter, except actions or proceedings brought under …

If it appears to the commission, either on complaint or otherwise, that any person has engaged in, is engaging in or is about to engage in any act, practice or transaction that constitutes a violation of this chapter, or any rule or order of the commission under this chapter, the…

In any action, civil or criminal, when a defense is based upon any exemption provided for in this chapter, the burden of proving the existence of the exemption shall be upon the party raising the defense, and it shall not be necessary to negative the exemption in any petition, co…

A certificate signed by the chairman or a member of the commission or by the director and under seal of the commission showing that a notice filing has or has not been filed pursuant to article 4 of this chapter or chapter 13, article 12 of this title or that securities have or h…

A certificate signed by the chairman or any member of the commission or by the director, and under seal of the commission, in regard to the record of any proceeding under this chapter for denial, revocation or suspension of the registration of securities or the registration of an…

A. A person who, in an administrative action, is found to have violated any provision of this chapter or any rule or order of the commission may be assessed an administrative penalty by the commission, after a hearing, in an amount of not to exceed five thousand dollars for each …

A. A person who, in a civil proceeding, is found to have violated any provision of this chapter or any rule or order of the commission shall pay a civil penalty in an amount of not to exceed five thousand dollars for each violation. B. The commission, or the attorney general at t…

In an action brought under the provisions of this article, the commission or the attorney general is entitled to recover costs, which in the discretion of the court may include an amount representing reasonable attorney fees and investigative expenses for the services rendered, f…

A. The securities regulatory and enforcement fund is established and shall be administered by the commission under the conditions and for the purposes provided by this section. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing. B. Fees collec…

A person who knowingly violates any provision of this chapter or any rule, regulation or order of the commission thereunder for which a penalty is not provided is guilty of a class 1 misdemeanor.

A. All laws which were repealed by Laws 1951, chapter 18, section 25, shall remain in force for the prosecution and punishment of any person who, prior to June 17, 1951, committed an offense contrary to the provisions of any law in force at the time the offense was committed, and…

A. The names of complainants and all information or documents obtained by any officer, employee or agent of the commission, including the shorthand reporter or stenographer transcribing the reporter's notes, in the course of any examination or investigation are confidential unles…

In order to foster the economic development of this state, the commission, when acting pursuant to this chapter, shall consider measures, consistent with investor protection, to increase the availability of and access to capital by companies in this state, to lower the cost of su…

A. If instructed by the commission the director shall seek to facilitate the formation, pursuant to title 10, chapter 2, article 1, of one or more private corporations to operate one or more securities exchanges in Arizona. B. The governing board of a corporation operating a secu…

Neither the state nor any political subdivision, nor the commission, the Arizona commerce authority, nor any state officer, agent or employee acting in good faith, except as otherwise explicitly provided by statute, shall be liable for any injury or damage to investors, exchange …

In order to make information about Arizona public companies more available to investors, dealers, securities analysts, financial journalists and other interested persons, the commission shall establish in this state one or more public reference rooms that provide access to public…