SB 1628

Abstract

Amends the Illinois Securities Law of 1953. Provides that every registered dealer, limited Canadian dealer, Internet portal, and investment adviser shall provide to the Secretary of State, upon request, such accounts, correspondence, memoranda, papers, books, and records as the Secretary of State may by rule prescribe, that it possesses and that it preserves for periods of longer than 3 years. Senate Committee Amendment No. 1 Adds reference to: 815 ILCS 5/2.11 from Ch. 121 1/2, par. 137.2-11 815 ILCS 5/2.12b from Ch. 121 1/2, par. 137.2-12b 815 ILCS 5/3.5 new 815 ILCS 5/12 from Ch. 121 1/2, par. 137.12 815 ILCS 5/2.10a rep. Adds provisions amending the Illinois Securities Law of 1953. Removes the definition for "telephone solicitor". Makes changes to the definitions of "investment adviser" and "investment adviser representative". Provides that the Secretary of State has the authority to enforce the Act as it pertains to the offer, sale, or investment advice concerning covered securities under the Act. Provides that it is a violation of the Act to make a false or misleading statement during sworn testimony before the Secretary of State or the Illinois Securities Department within the Office of the Secretary. Effective July 1, 2019.