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)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Passed


01/13/2009Prefiled and ordered printed; offered 01/14/09 090040864
01/13/2009Referred to Committee on Commerce and Labor
01/19/2009Reported from Commerce and Labor with amendments (14-Y 0-N) (see vote tally)
01/21/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/21/2009Impact statement from SCC (SB1243)
01/22/2009Read second time
01/22/2009Reading of amendments waived
01/22/2009Committee amendments agreed to
01/22/2009Engrossed by Senate as amended SB1243E
01/22/2009Printed as engrossed 090040864-E
01/23/2009Read third time and passed Senate (40-Y 0-N) (see vote tally)
01/30/2009Impact statement from SCC (SB1243E)
02/02/2009Placed on Calendar
02/02/2009Read first time
02/02/2009Referred to Committee on Commerce and Labor
02/17/2009Reported from Commerce and Labor (18-Y 2-N) (see vote tally)
02/19/2009Read second time
02/20/2009Read third time
02/20/2009Amendment by Delegate Kilgore agreed to
02/20/2009Engrossed by House as amended
02/20/2009Passed House with amendment (99-Y 1-N)
02/20/2009VOTE: --- PASSAGE (99-Y 1-N) (see vote tally)
02/24/2009House amendment agreed to by Senate (39-Y 0-N) (see vote tally)
02/28/2009Bill text as passed Senate and House (SB1243ER)
02/28/2009Signed by Speaker
03/03/2009Impact statement from SCC (SB1243ER)
03/04/2009Signed by President
03/27/2009G Approved by Governor-Chapter 566 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0566)