Title 30, Title 30

(Temporary) Eligibility. (1) The following victims are eligible for restitution assistance: (a) a natural person who is a resident of Montana at the time the offense is committed; or (b) a person, other than a natural person, domiciled in Montana at the time the offense is commit…

(Temporary) Application for restitution assistance -- maximum amount of restitution assistance award. (1) A person who is eligible for restitution assistance under this part may submit an application, in a manner and form prescribed by the commissioner, to the department. (2) An …

(Temporary) False application -- penalties -- statute of limitations. (1) A claimant who knowingly files or causes to be filed an application for restitution assistance or documents supporting the application any of which contain false, incomplete, or misleading information in an…

(Temporary) Rulemaking authority. The commissioner may adopt rules regarding the department's processes for: (1) reviewing applications for securities restitution assistance awards; (2) making recommendations to the commissioner; and (3) suspending awards or making a proportional…

Parts 1 through 3 of this chapter may be cited as the "Securities Act of Montana".

Parts 1 through 3 of this chapter shall be construed to: (1) protect the investor, persons engaged in securities transactions, and the public interest; (2) promote uniformity among the states; and (3) encourage, promote, and facilitate capital investment in Montana.

When used in parts 1 through 3 of this chapter, unless the context requires otherwise, the following definitions apply: (1) (a) "Broker-dealer" means any person engaged in the business of effecting transactions in securities for the account of others or for the person's own accou…

Sections 30-10-202 through 30-10-207 and 30-10-211 do not apply to any of the following securities: (1) any security, including a revenue obligation, issued or guaranteed by the United States, any state, any political subdivision of a state, or any agency or corporate or other in…

Except as expressly provided in this section, 30-10-201 through 30-10-207 and 30-10-211 do not apply to the following transactions: (1) a nonissuer isolated transaction, whether effected through a broker-dealer or not. A transaction is presumed to be isolated if it is one of not …

In any proceeding under parts 1 through 3 of this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.

(1) The administration of the provisions of parts 1 through 3 of this chapter must be under the general supervision and control of the state auditor, the ex officio securities commissioner. The commissioner may, from time to time, make, amend, and rescind rules and forms as neces…

(1) Sections 30-10-201(1), 30-10-202, 30-10-301(1), 30-10-303, and 30-10-307 apply to persons who sell or offer to sell when an offer to sell is made in this state or an offer to buy is made and accepted in this state. (2) Sections 30-10-201(1), 30-10-301(1), and 30-10-303 apply …

This part may be cited as the "Whistleblower Award and Protection Act".

The Whistleblower Award and Protection Act provides monetary awards to whistleblowers and provides protection for those who make whistleblower complaints.

As used in this part, unless the context requires otherwise, the following definitions apply: (1) "Commissioner" has the meaning provided in 30-10-103. (2) (a) "Monetary sanction" means any money, including penalties, disgorgement, and interest ordered to be paid as a result of a…

Subject to the provisions of this part, the commissioner may award an amount to one or more whistleblowers who voluntarily provide original information in writing, and in the form and manner required by the commissioner that leads to the successful enforcement of an administrativ…

(1) An individual may make an anonymous whistleblower complaint. (2) Any individual who anonymously makes a claim for a whistleblower award must be represented by counsel at the time of an award in 30-10-1104 in order to verify qualification for the award. Prior to the payment of…

If the commissioner determines to make one or more awards under 30-10-1104, the aggregate amount of awards that may be awarded in connection with an administrative or judicial action may not be less than 10% or more than 30% of the monetary sanctions collected in the related admi…

The determination of the amount of an award made under this part is in the discretion of the commissioner consistent with 30-10-1106 and 30-10-1109.

(1) The commissioner is authorized to order that a whistleblower award is paid: (a) directly to a known whistleblower; or (b) for an anonymous whistleblower, to counsel for the whistleblower as provided in 30-10-1106, who shall distribute the award to the anonymous whistleblower.…

In determining the amount of an award under this part, the commissioner shall consider: (1) the significance of the original information provided by the whistleblower to the success of the administrative or judicial action; (2) the degree of assistance provided by the whistleblow…

The commissioner may not provide an award to a whistleblower under this section if the whistleblower: (1) is convicted of a felony in connection with the administrative or judicial action for which the whistleblower otherwise could receive an award; (2) acquires the original info…

(1) An employer may not terminate, discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner retaliate against an individual because of any lawful act done by the individual: (a) in providing information to the state or other law enforcement age…

(1) Except as provided in subsection (2), all fees and miscellaneous charges received by the commissioner pursuant to parts 1 through 3 of this chapter must be deposited in the general fund. (2) (a) All notice filing fees collected under 30-10-209(1)(d) and examination costs coll…

(1) A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of a vulnerable person to the department of public health and human services provided for in 2-15-2201 and to law enforcem…

(1) It is unlawful for a person to transact business in this state as a broker-dealer or salesperson, except as provided in 30-10-105, unless the person is registered under parts 1 through 3 of this chapter. (2) It is unlawful for a broker-dealer or issuer to employ a salesperson…

It is unlawful for any person to offer or sell any security in this state, except securities exempt under 30-10-104 or when sold in transactions exempt under 30-10-105, unless: (1) the security is registered by notification, coordination, or qualification under parts 1 through 3 …

(1) The following securities may be registered by notification, whether or not they are also eligible for registration by coordination under parts 1 through 3 of this chapter: (a) any security whose issuer and any predecessors have been in continuous operation for at least 5 year…

(1) Any security for which a registration statement has been filed under the Securities Act of 1933 or any securities for which filings have been made pursuant to regulation A or regulation E, and amendments to those regulations, of the general rules and regulations of the United…

(1) Any security may be registered by qualification. A registration statement under this section must contain the following information and be accompanied by the following documents, in addition to payment of the registration fee prescribed in 30-10-209: (a) with respect to the i…

(1) A registration statement may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered broker-dealer. The commissioner may by rule or otherwise permit the omission of any item of information or document from any registration statemen…

(1) The commissioner may issue an order denying effectiveness to, or suspending or revoking the effectiveness of, any registration statement if the order is in the public interest and: (a) the registration statement, as of its effective date or as of any earlier date in the case …

(1) Every applicant for registration as a broker-dealer, investment adviser, salesperson, or investment adviser representative under parts 1 through 3 of this chapter and every issuer that proposes to register and offer a security in this state through any person acting on an age…

The following fees must be paid in advance under the provisions of parts 1 through 3 of this chapter: (1) (a) For the registration of securities by notification, coordination, or qualification or for notice filing of a federal covered security, there must be paid to the commissio…

(1) An issuer, broker-dealer, or investment adviser who is examined in connection with a registration under parts 1 through 3 of this chapter shall reimburse the commissioner or any of the commissioner's authorized agents, officers, or employees for actual travel expenses, a reas…

(1) An issuer is required to file the following documents with respect to a federal covered security provided for in section 18(b)(2) of the Securities Act of 1933: (a) documents that are part of a current federal registration statement filed with the securities and exchange comm…

(1) It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly, in, into, or from this state, to: (a) employ any device, scheme, or artifice to defraud; (b) make any untrue statement of a material fact or omit to state a…

It is unlawful for any person to knowingly make or cause to be made, in any document filed with the commissioner or in any proceeding under parts 1 through 3 of this chapter, any statement which is, at the time and in the light of the circumstances under which it is made, false o…

(1) The fact that an application for registration under 30-10-201(6), a notice filing under 30-10-211 or 30-10-327, or a registration statement under 30-10-203, 30-10-204, or 30-10-205 has been filed or the fact that a person or security is effectively registered or a complete no…

(1) The commissioner may: (a) make public or private investigations or examinations within or outside this state as the commissioner considers necessary to determine whether any registration should be granted, denied, or revoked or whether any person has violated or is about to v…

(Temporary) Injunctions and other remedies -- limitations on actions. (1) If it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of parts 1 through 3 of this chapter or any rule or order…

(1) A person who willfully violates any provision of parts 1 through 3 of this chapter except 30-10-302, who willfully violates any rule or order under parts 1 through 3 of this chapter, or who willfully violates 30-10-302 knowing the statement made to be false or misleading in a…

(1) Any person who offers or sells a security in violation of 30-10-202 or offers or sells a security by means of fraud or misrepresentation is liable to the person buying the security from the offeror or seller, who may sue either at law or in equity to recover the consideration…

Any person aggrieved by a final order of the commissioner is entitled to judicial review as provided in Title 2, chapter 4, part 7.

(1) The commissioner may, after conducting a hearing pursuant to 30-10-305, require a person found to have committed a violation of 30-10-301 to make restitution for all financial losses sustained by any person as a result of the violation. The commissioner may further require a …

(1) A broker-dealer, investment adviser, investment adviser representative, or other person who has reason to believe fraud has occurred shall report the suspected fraud to the commissioner within 60 days of discovery of the occurrence. (2) A broker-dealer shall make complete dis…