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 END OF INQUIRY Full Text Bill Status