Indiana House Bill 1408 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 18 2011 - 25% progression, died in committee
Action: 2011-01-18 - First reading: referred to Committee on Financial Institutions
Pending: House Financial Institutions Committee
Text: Latest bill text (Introduced) [HTML]

Provides that the statute governing administrative orders and procedures does not apply to the securities division of the office of the secretary of state (division). For purposes of the statute governing restitution for victims of violations of certain securities laws, provides that a victim's net loss equals: (1) the victim's out-of-pocket loss; minus (2) the amount of restitution received by the victim from the party ordered to pay the restitution. Provides that an award by the division to a victim of a securities violation may not exceed the lesser of: (1) $15,000; or (2) 25% of the amount of the victim's net loss (instead of 25% of the amount of the victim's out-of-pocket loss, as provided by current law). Allows the division to bring an action in the circuit or superior court of Marion County to recover funds that are required under the statute to be: (1) forfeited by a victim whose restitution order is overturned on appeal; or (2) refunded by a victim who recovers funds from the party ordered to pay the restitution. Provides that any award or other determination made by the division under the statute is final and is not subject to judicial review or appeal.

Victims of securities law violations.

Rep. Charles Burton [R]

Date	Chamber	Action
2011-01-18		First reading: referred to Committee on Financial Institutions
2011-01-18		Authored by Representative Burton

Type	Source
Summary	http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2011&session=1&request=getBill&doctype=HB&docno=1408
Text	http://www.in.gov/legislative/bills/2011/IN/IN1408.1.html