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Senate Bill 130

Actions | Amendments

Last Action	signed by Governor (Acts ch. 82)
Title	AN ACT relating to securities and making an appropriation therefor.
Bill Documents	Bill
Bill Request Number	1423
Sponsor	T. Buford
Summary of Original Version	Amend KRS 292.310 to modify definitions of "agent," "broker-dealer," "investment adviser," "covered security," "investment adviser representative," and to add "sign" as a defined term; amend KRS 292.330 to add exemptions from registration for broker-dealers, agents, investment advisers, and investment adviser representatives and to delete exemptions from investment adviser registration and covered adviser notice filing for registered broker-dealers; create new sections of KRS Chapter 292 to clarify the registration process for broker-dealers, agents, investment advisers, and investment adviser representatives and for notice filing as a covered adviser; to provide a procedure for successor registration of broker-dealers and investment advisers; to provide for termination or withdrawal of registrations and temporary registrations; to set forth registration fees for broker-dealers, investment advisers, agents, and representatives; to set forth recordkeeping requirements for registrants and to delete the requirement for registrants to file annual reports; to clarify the circumstances under which the executive director may deny, suspend, revoke, restrict, or limit a registration or take disciplinary action against a registrant; amend KRS 292.380 to require renewal filings for registrations by notification, coordination, or qualification; amend KRS 292.410 to clarify that all investors must receive material information in connection with the purchase of a security and to allow a commission to be paid to a registered broker-dealer in a transaction exempted by this section; amend KRS 292.480 to provide a private right of action for fraudulent investment advice; amend KRS 292.500 to allow the executive director to accept electronic filings of documents; amend KRS 292.530 to broaden the protections of the chapter to all investors rather than only to Kentucky investors; amend KRS 292.313 to conform; create a new section of KRS 292 to establish the securities fraud prosecution and prevention fund; amend KRS 292.991 to increase criminal penalties for repeat criminal violations of the chapter; amend KRS 304.37-530 to conform.
Index Headings of Original Version	Attorney, Commonwealth's - Blue Sky Law, criminal penalties for Attorney, County - Blue Sky Law, criminal penalties for Attorneys - Blue Sky Law, penalties for Crimes and Punishments - Blue Sky Law, criminal penalties for Prosecutors - Blue Sky Law, criminal penalties for Banks and Financial Institutions - Blue Sky Law, omnibus chapter changes Financial Responsibility - Blue Sky Law, omnibus chapter changes Civil Actions - Blue Sky Law, private right of action Consumer Affairs - Blue Sky Law, provisions regarding Sales - Blue Sky Law, provisions regarding Occupations and Professions - Blue Sky Law, provisions regarding Corrections Impact - Blue Sky Law, provisions regarding
Proposed Amendments	Senate Committee Substitute 1 Senate Floor Amendment 1
Votes	Vote History

Actions

Top | Amendments

02/02/10	introduced in Senate
02/04/10	to Banking & Insurance (S)
03/09/10	reported favorably, 1st reading, to Consent Calendar with Committee Substitute
03/10/10	2nd reading, to Rules posted for passage in the Consent Orders of the Day for Monday, March 15, 2010
03/11/10	floor amendment (1) filed to Committee Substitute
03/15/10	taken from the Consent Orders of the Day, placed in the Regular Orders of the Day passed over and retained in the Orders of the Day
03/16/10	3rd reading, passed 36-0 with Committee Substitute, floor amendment (1)
03/17/10	received in House
03/18/10	to Banking & Insurance (H)
03/22/10	taken from committee 1st reading returned to Banking & Insurance (H)
03/23/10	posted in committee taken from committee 2nd reading returned to Banking & Insurance (H) posting waived
03/24/10	reported favorably, to Rules
03/25/10	posted for passage in the Regular Orders of the Day for Friday, March 26, 2010
03/26/10	3rd reading, passed 94-0 received in Senate enrolled, signed by each presiding officer delivered to Governor
04/07/10	signed by Governor (Acts ch. 82)

Proposed Amendments

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Amendment	Senate Committee Substitute 1
Summary	Retain provisions of original bill except change the fee for agent registration from $100 to $50; delete provision to amend KRS 292.991, which would have amended the statute to increase criminal penalties for repeat violations of the chapter; make technical corrections.
Index Headings	Attorney, Commonwealth's - Blue Sky Law, criminal penalties for Attorney, County - Blue Sky Law, criminal penalties for Attorneys - Blue Sky Law, penalties for Crimes and Punishments - Blue Sky Law, criminal penalties for Prosecutors - Blue Sky Law, criminal penalties for Banks and Financial Institutions - Blue Sky Law, omnibus chapter changes Financial Responsibility - Blue Sky Law, omnibus chapter changes Civil Actions - Blue Sky Law, private right of action Consumer Affairs - Blue Sky Law, provisions regarding Sales - Blue Sky Law, provisions regarding Occupations and Professions - Blue Sky Law, provisions regarding Corrections Impact - Blue Sky Law, provisions regarding

Amendment	Senate Floor Amendment 1
Sponsor	T. Buford
Summary	Exclude agents, issuers, banks, savings institutions, and trust companies from the definition of "broker-dealer."
Index Headings	Attorney, Commonwealth's - Blue Sky Law, criminal penalties for Attorney, County - Blue Sky Law, criminal penalties for Attorneys - Blue Sky Law, penalties for Crimes and Punishments - Blue Sky Law, criminal penalties for Prosecutors - Blue Sky Law, criminal penalties for Banks and Financial Institutions - Blue Sky Law, omnibus chapter changes Financial Responsibility - Blue Sky Law, omnibus chapter changes Civil Actions - Blue Sky Law, private right of action Consumer Affairs - Blue Sky Law, provisions regarding Sales - Blue Sky Law, provisions regarding Occupations and Professions - Blue Sky Law, provisions regarding Corrections Impact - Blue Sky Law, provisions regarding

Last updated: 8/28/2019 7:34 AM (EDT)