92nd General Assembly
Summary of SB0575
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Senate Sponsors:
WELCH-O'MALLEY.

House Sponsors:
LYONS,JOSEPH

Short description: 
SOS SECURITIES                                                             

Synopsis of Bill as introduced:
        Amends the Illinois Securities Law of 1953.  Adds  a  certificate      
   of  deposit  to the definition of "security".  Adds to the information      
   to be submitted to the Secretary of  State  with  an  application  for      
   registration   and  to  the  list  of  violations  that  may  cause  a      
   registration to be denied, suspended, or revoked  for  a  salesperson,      
   dealer,  limited  Canadian  dealer,  investment adviser, or investment      
   adviser representative.   Limits the circuit courts that may  be  used      
   for  judicial  review  to Sangamon County and Cook County.  Raises the      
   sentence for violation of certain provisions of the Act to a  Class  4      
   felony (instead of a Class A misdemeanor). Provides that the Secretary      
   of  State  may charge attorneys' fees and witness costs as costs of an      
   investigation.  Amends the Illinois Loan  Brokers  Act  of  1995,  the      
   Business  Opportunity  Sales  Law  of  1995, and the Illinois Business      
   Brokers Act of 1995.   Adds  a  joint  stock  company  and  a  limited      
   liability  partnership  to  the definition of "person".  Provides that      
   applications for the renewal of registration of a loan broker  may  be      
   filed  within  30  days  following the expiration for the registration      
   provided that the annual fee and the additional fee are paid.  Adds to      
   the list of services for which the Secretary of State  may  collect  a      
   fee.   Limits the power of the Secretary of State to administer oaths,      
   subpoena witnesses, or compel the production  of  books,  records,  or      
   other   documents   to   investigations,   audits,  examinations,  and      
   inspections.  Provides for certificates from the Secretary of State on      
   evidentiary matters.   Adds  to  the  list  of  prohibited  fraudulent      
   practices.   Provides  for  service  of  process.  Provides  that  the      
   Secretary  of  State  may  charge attorneys' fees and witness costs as      
   costs of an investigation. Provides that if, upon  the  receipt  of  a      
   copy of an entry of a summary order, no hearing is requested within 30      
   days,  the  failure of the respondent to request a hearing constitutes      
   an admission of the facts alleged in the order.                             
        SENATE AMENDMENT NO. 1.                                                
        Further amends the Illinois Securities  Law  of  1953.   Provides      
   that   the   registration   of  a  dealer,  limited  Canadian  dealer,      
   salesperson, or registered principal of a dealer or  limited  Canadian      
   dealer  may be denied, suspended, or revoked if the Secretary of State      
   finds that  the  dealer,  limited  Canadian  dealer,  salesperson,  or      
   registered principal of a dealer or limited Canadian dealer has failed      
   to maintain and enforce (rather than establish, maintain, and enforce)      
   written  procedures  to  supervise  the  types of business in which it      
   engages.  Provides that the registration of a dealer, limited Canadian      
   dealer,  salesperson,  investment  adviser,  or   investment   adviser      
   representative  may  be denied, suspended, or revoked if the Secretary      
   of State finds that the dealer, limited Canadian dealer,  salesperson,      
   investment  adviser,  or  investment  adviser  representative  or  any      
   principal officer, director, partner, member, trustee, manager, or any      
   person who performs a similar function of the dealer, limited Canadian      
   dealer,  or investment adviser has had a license or registration under      
   any federal  or  state  law  regulating  the  sale  of  securities  or      
   commodity  futures contracts refused, cancelled, suspended, withdrawn,      
   or otherwise adversely affected  in  a  similar  manner  (rather  than      
   refused,   cancelled,  suspended,  withdrawn,  revoked,  or  adversely      
   affected).  Provides  that  the  registration  of  a  dealer,  limited      
   Canadian   dealer,  salesperson,  investment  adviser,  or  investment      
   adviser representative may be denied, suspended,  or  revoked  if  the      
   Secretary  of  State  finds  that  a  corporation,  limited  liability      
   company,   or   limited  liability  partnership  has  been  suspended,      
   canceled,  or  revoked,  or  has  failed  to  register  as  a  foreign      
   corporation,  limited  liability   company,   or   limited   liability      
   partnership.                                                                
 
Last action on Bill: PUBLIC ACT.............................. 92-0308

   Last action date: AUG-09-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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