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2009 SESSION
SB 1243 Securities Act; increases maximum civil penalty that SCC may impose for violation thereof.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Securities Act; penalties. Increases the maximum civil penalty that the State Corporation Commission may impose for a violation of the Virginia Securities Act, any order, rule, or regulation issued under the Act, or any knowing material misrepresentation, from $5,000 to $10,000. The measure also authorizes the Commission to order sellers to rescind unlawful sales and to make restitution in cases under the Virginia Securities Act where the Commission is authorized to impose a civil penalty. Currently, the Commission is authorized only to request rescission and restitution.
SUMMARY AS PASSED SENATE:
Virginia Securities Act; penalties. Increases the maximum civil penalty that the State Corporation Commission may impose for a violation of the Virginia Securities Act, any order, rule, or regulation issued under the Act, or any knowing material misrepresentation, from $5,000 to $10,000. The measure also authorizes the Commission to order sellers to rescind unlawful sales and to make restitution in cases where the Commission is authorized to impose a civil penalty. Currently, the Commission is authorized only to request rescission and restitution.
SUMMARY AS INTRODUCED:
Virginia Securities Act; penalties. Increases the maximum civil penalty that the State Corporation Commission may impose for a violation of the Virginia Securities Act, any order, rule, or regulation issued under the Act, or any knowing material misrepresentation, from $5,000 to $10,000. The measure also authorizes the Commission to order sellers to rescind unlawful sales and other activities and to make restitution. Currently, the Commission is authorized only to request rescission and restitution.