STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Assemblywoman LINDA R. GREENSTEIN
District 14 (Mercer and Middlesex)
Assemblywoman BONNIE WATSON COLEMAN
District 15 (Mercer)
Assemblyman WAYNE P. DEANGELO
District 14 (Mercer and Middlesex)
Assemblyman NELSON T. ALBANO
District 1 (Cape May, Atlantic and Cumberland)
Assemblyman MATTHEW W. MILAM
District 1 (Cape May, Atlantic and Cumberland)
SYNOPSIS
Provides additional penalties for violations of "Uniform Securities Law (1997)" involving certain persons.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act concerning additional civil penalties for certain deceptive securities practices and supplementing P.L.1967, c.93 (C.49:3-47 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. In addition to any other penalty authorized by law, a person who violates the provisions of P.L.1967, c.93 (C.49:3-47 et seq.) shall be subject to additional penalties as follows:
a. A penalty of not more than $10,000 if the violation caused the victim of the violation pecuniary injury and the person knew or should have known that the victim is a senior citizen or a person with a disability; or
b. A penalty of not more than $30,000 if the violation was part of a scheme, plan, or course of conduct directed at senior citizens or persons with a disability in connection with sales or advertisements.
For the purposes of this section, a "senior citizen" means a person 60 years of age or older, and a "person with a disability" means a person who by reason of a pre-existing medically determinable physical or mental impairment is substantially incapable of exercising normal physical or mental power of resistance, and includes, but is not limited to, a person determined disabled pursuant to the federal Social Security Act or any other governmental retirement or benefits program that uses substantially the same criteria for determining eligibility.
2. This act shall take effect immediately.
STATEMENT
This bill imposes additional civil penalties for certain violations of the "Uniform Securities Law (1997)."
Specifically, an additional civil penalty of $10,000 can be imposed for deceptive securities practices if the violator knew or should have known that the victim is a senior citizen or person with a disability. The bill also authorizes an additional penalty of not more than $30,000 if the violation was part of a scheme, plan or course of conduct directed at senior citizens or persons with a disability in connection with sales or advertisements.
The bill defines a senior citizen as "a person 60 years of age or older." It also defines a person with a disability as "a person who by reason of a pre-existing medically determinable physical or mental impairment is substantially incapable of exercising normal physical or mental power of resistance, and includes, but is not limited to, a person determined disabled pursuant to the federal Social Security Act or any other governmental retirement or benefits program that uses substantially the same criteria for determining eligibility."