Kentucky Senate Bill 130 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 7 2010 - 100% progression
Action: 2010-04-07 - signed by Governor (Acts ch. 82)
Text: Latest bill text (Draft #1) [MS Word]

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.

AN ACT relating to securities and making an appropriation therefor.

Sen. Tom Buford [R]

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

Type	Source
Summary	http://www.lrc.ky.gov/record/10RS/SB130.htm
Text	http://www.lrc.ky.gov/record/10RS/SB130/bill.doc