Securities Act; increases maximum civil penalty that SCC may impose for violation thereof. (SB1243)

Introduced By

Sen. Walter Stosch (R-Glen Allen) with support from co-patron Del. Bob Purkey (R-Virginia Beach)

Progress

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 Introduced
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 Passed Committee
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 Passed House
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 Passed Senate
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 Signed by Governor
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 Became Law

Description

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. Amends § 13.1-521 (“Violations punishable by the Commission.”), of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed
View Bill's History