Title 26, Trade Regulation And Practice

[§485A-409] Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative. The withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective sixty days after the fil…

[§485A-410] Filing fees. (a) A person shall pay a fee of $200 when initially filing an application for registration as a broker-dealer and a fee of $200 when filing a renewal of registration as a broker-dealer. (b) The fee for an individual is $50 when filing an application for r…

[§485A-411] Postregistration requirements. (a) Subject to section 15(h) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(h)) or section 222 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-22), a rule adopted or order issued under this chapter may establish minimum fina…

[§485A-412] Denial, revocation, suspension, withdrawal, restriction, condition, or limitation of registration. (a) If the commissioner finds that it is in the public interest and subsection (d) authorizes the action, the commissioner, under this chapter may deny an application, o…

PART V. FRAUD AND LIABILITIES §485A-501 General fraud. (a) It shall be unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly: (b) Subsections (a)(5) and (7) shall not apply to any advertising matter that is covered by section…

§485A-502 Prohibited conduct in providing investment advice. (a) It shall be unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasin…

[§485A-503] Evidentiary burden. (a) In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion shall have the burden to prove the applicability of the claim. (b) In a criminal proceeding under this chapte…

[§485A-504] Filing of sales and advertising literature. (a) Except as otherwise provided in subsection (b) and section [485A-501(a)(7)], a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales…

[§485A-505] Misleading filings. It shall be unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this chapter, a statement that, at the time and in light of the circumstances under which it is made, is false or misl…

[§485A-506] Misrepresentations concerning registration or exemption. (a) The filing of an application for registration, a registration statement, a notice filing under this chapter, the registration of a person, the notice filing by a person, or the registration of a security und…

[§485A-507] Qualified immunity. A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative shall not be liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser …

[§485A-508] Criminal penalties. (a) Whoever violates this chapter shall be punished as follows: In addition to the above, whoever violates this chapter shall forfeit to the State any interest or property the person has acquired or maintained in violation of this chapter and any i…

[§485A-509] Civil liability. (a) Enforcement of civil liability under this section shall be subject to the Securities Litigation Uniform Standards Act of 1998. (b) A person is liable to the purchaser if the person sells a security in violation of section 485A-301 or, by means of …

[§485A-510] Rescission offers. A purchaser, seller, or recipient of investment advice may not maintain an action under section 485A-509 if:

PART VI. ADMINISTRATION AND JUDICIAL REVIEW [§485A-601] Commissioner of securities. (a) The administration of this chapter shall be vested in the commissioner. The director, with the approval of the governor, shall appoint the commissioner who shall not be subject to chapter 76. …

[§485A-602] Investigations and subpoenas. (a) The commissioner may: (b) For the purpose of an investigation under this chapter, the commissioner or its designee may administer oaths and affirmations, subpoena witnesses, seek compulsion of attendance, take evidence, require the fi…

[§485A-603] Civil enforcement. (a) If the commissioner believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a rule adopted or order issued under this chapter or that a person …

[§485A-603.5] Additional civil penalties for securities violations committed against elders. If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at the time of the violation is sixty-two years of a…

[§485A-604] Administrative enforcement. (a) If the commissioner determines that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a rule adopted or order issued under this chapter or tha…

[§485A-604.5] Additional administrative penalties for securities violations committed against elders. If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at the time of the violation is sixty-two y…

[§485A-605] Venue. Any action brought by the commissioner under this chapter may be brought in any circuit in the State at the commissioner's discretion. Any other action under this chapter shall be brought in the circuit of the plaintiff's residence or in the circuit in which th…

[§485A-606] Rules, forms, orders, [interpretative] opinions, and hearings. (a) The commissioner may adopt, amend, and repeal, pursuant to chapter 91, such rules as may be necessary to carry out the purposes of this chapter. Notwithstanding this subsection, the commissioner may ad…

[§485A-607] Administrative files and opinions. (a) The commissioner shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, inve…

[§485A-608] Public records; confidentiality. (a) Except as otherwise provided in subsection (b) or chapter 92F, records obtained by the commissioner or filed under this chapter, including a record contained in or filed with a registration statement, application, notice filing, or…

[§485A-609] Appeals to court, first circuit; time; bonds; costs; decree; further appeal. (a) An appeal may be taken by any aggrieved person from any final order of the commissioner to the circuit court of the first circuit in the manner provided in chapter 91. The appellant shall…

[§485A-610] Service of process. (a) A consent to service of process complying with this section shall be signed and filed in the form required by a rule or order under this chapter. A consent appointing the commissioner the person's agent for service of process in a noncriminal a…

PART VII. TRANSITION [§485A-701] Application of act to existing proceeding and existing rights and duties. (a) The predecessor act exclusively governs all actions or proceedings that are pending on July 1, 2008, or may be instituted on the basis of conduct occurring before July 1…

[PART VIII.] PROTECTION OF ELDERS AND VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION [§485A-801] Definitions. As used in this part, unless the context otherwise requires: "Elder" means an individual sixty-two years of age or older. "Financial exploitation" means: "Qualified person…

[§485A-802] Governmental disclosures. If a qualified person reasonably believes that financial exploitation of an elder or a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified person shall promptly notify the commissioner. [L 2021, c…

[§485A-803] Immunity for governmental disclosures. A qualified person who, in good faith and exercising reasonable care, makes a disclosure of information pursuant to section 485A-802 shall be immune from administrative or civil liability that might otherwise arise from the discl…

[§485A-804] Third-party disclosures. If a qualified person reasonably believes that financial exploitation of an elder or a vulnerable adult may have occurred, may have been attempted, or is being attempted, a qualified person may notify a reasonably associated individual or any …

[§485A-805] Immunity for third-party disclosures. A qualified person who, in good faith and exercising reasonable care, makes a disclosure of information pursuant to section 485A-804 shall be immune from any administrative or civil liability that might otherwise arise from the di…

[§485A-806] Delaying disbursements or transactions. (a) A qualified person may delay a disbursement from, or a transaction in connection with, an account of an elder or a vulnerable adult, or an account on which an elder or a vulnerable adult is a beneficiary, if: (b) Any delay o…

[§485A-807] Immunity for delaying disbursements or transactions. A qualified person who, in good faith and exercising reasonable care, complies with section 485A-806 shall be immune from any administrative or civil liability that might otherwise arise from a delay of a requested …

[§485A-808] Records. A qualified person shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an elder or a vulnerable adult to the commissioner or law enforcement, either as part of a referral to the commissioner o…

[§485A-809] Multiple duties to report. Compliance with this part shall not discharge the duty to report suspected abuse under any other law. [L 2021, c 54, pt of §1]

PART I. GENERAL PROVISIONS §486-1 Definitions. As used in this chapter, unless the context otherwise requires: "Administrator" means the administering officer of the quality assurance division, or any qualified person so designated by the chairperson. "Advertising" or "advertisin…

PART V. MEASUREMENT STANDARDS, UNIFORM PACKAGING AND LABELING §486-101 Definitions. As used in this part, unless the context otherwise requires: "Net weight" means: "Sale from bulk" means sale of commodities or services when the quantity is determined at the time of sale. "Weight…

[§486-102] Systems of measurement. The United States customary system of weights and measures and the metric system of measurement are jointly recognized, and either one or both shall be used for all measurement purposes in the State. The definitions of basic units of measure, th…

§486-103 State measurement standards. The state measurement standard artifacts shall be in conformity with the measurement standards of the United States. As applicable, they shall have been calibrated for such use by the National Institute of Standards and Technology or other ap…

§486-104 Secondary standards and equipment. The State shall supply secondary standards and other equipment as is necessary to carry out the provisions of this chapter. These standards shall be verified upon their initial receipt and at least once a year thereafter by comparison w…

§486-105 General testing. (a) Unless otherwise provided by law, the department, through the measurement standards branch, shall inspect and test, to ascertain if they are correct, all measurement standards and measuring devices kept, offered, or exposed for sale, sold or in use i…

§486-106 Testing at state-supported institutions. The department, through the measurement standards branch, shall from time to time test all measures used in establishing or verifying any other measurement, including any measure or measurement standard used in checking the receip…

[§486-107] Type evaluation; requirements; certificate of conformance. Any weight or measure, or any weighing or measuring instrument or device, shall have a certificate of conformance indicating that it has passed a national type evaluation by a participating laboratory, prior to…

§486-108 Use; disposition of correct or incorrect apparatus. The department, through the measurement standards branch, shall seal or mark with appropriate devices, such measures and measurement standards as it finds, upon inspection and test, to be "correct" as defined in this ch…

§486-109 Duties of owners or custodians of measuring apparatus. Measures and measurement standards shall be subject to the control of the department, through the measurement standards branch, until such time as they receive a certificate of conformance. Measures or measurement st…