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House Bill 1294


House Bill 1294

ARCHIVE (2012)

Latest Information

 

DIGEST OF HB 1294 (Updated March 6, 2012 10:52 am - DI 84)


DIGEST OF HB1294 (Updated February 16, 2012 11:26 am - DI 110)

Various securities division matters. Provides that in addition to micrographically copying certain documents that the secretary of state is charged with preserving, the secretary of state may copy those documents by an equivalent method. Amends the definition of "residential mortgage loan" for purposes of the statute concerning the regulation of loan brokers and adds the definition of "residential real estate" to that statute. Allows the securities commissioner (commissioner) to take certain actions and impose certain penalties with respect to an individual who is registered as, or who applies to register as, an agent for a securities broker-dealer or as an investment adviser representative if the individual has failed to comply with a court order imposing a child support obligation. Repeals a provision that allows the commissioner to award up to 10% of a penalty imposed and recovered under the Indiana uniform securities act (act) to a person who provides information leading to the imposition of the penalty. Provides that the commissioner may provide an award, in an amount determined by the commissioner and paid from the securities restitution fund, to an informant who provides to the securities division of the office of the secretary of state original information concerning a violation of the act, if the information provided leads to the successful enforcement of a judicial or an administrative action concerning the violation. Provides that the total amount of awards in any proceeding may not exceed 10% of the total monetary sanctions imposed or ordered. Sets forth certain factors that the commissioner must consider in determining the amount of an award. Prohibits the commissioner from providing an award to an informant in certain circumstances. Amends the statute concerning the licensing of collection agencies by the secretary of state to: (1) allow the secretary of state to designate a multistate automated licensing system and repository to serve as the sole entity responsible for processing applications for licenses and license renewals; and (2) provide that a license expires on the last day of the calendar year in which the license was issued (instead of expiring on the last day of the calendar year after the year in which the license was issued, as provided for in current law). Makes technical changes. Makes an appropriation.

Current Status:
 Law Enacted
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