SLS 12RS-1283 ORIGINAL
Page 1 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2012
SENATE BILL NO. 638 (Substitute of Senate Bill No. 163 by Senator Martiny)
BY SENATOR MARTINY
SECURITIES. Provides relative to securities. (gov sig)
AN ACT1
To enact R.S. 51:704(A)(10), relative to securities; to authorize the taking of certain actions2
relative to dishonest or unethical practices; to provide relative to the adoption of3
administrative rules; to provide certain terms and conditions; and to provide for4
related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 51:704(A)(10) is hereby enacted to read as follows: 7
ยง704. Suspension or revocation of registration of dealers, salesmen, investment8
advisers, and investment adviser representatives; requiring current9
financial statements10
A. The registration of any dealer, salesman, investment adviser, or investment11
adviser representative may be suspended or revoked by the commissioner as12
provided in Subsection B of this Section if he finds that such registrant and, in the13
case of a dealer or investment adviser, any general partner, limited partner, director,14
managing member, affiliate, or executive officer of such dealer or investment15
adviser:16
* * *17 SB NO. 638
SLS 12RS-1283 ORIGINAL
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(10) Has engaged in dishonest or unethical practices in activity regulated1
under the provisions of this Part. The commissioner shall adopt rules and2
regulations in accordance with the Administrative Procedure Act to illustrate3
examples of such practices providing grounds for suspension or revocation of4
registration. Such examples shall be for illustrative purposes only and shall not5
be deemed exclusive.6
Section 2. This Act shall become effective upon signature by the governor or, if not7
signed by the governor, upon expiration of the time for bills to become law without signature8
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If9
vetoed by the governor and subsequently approved by the legislature, this Act shall become10
effective on the day following such approval.11
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Michelle Ducharme.
DIGEST
Present law provides for the suspension or revocation of registration of dealers, salesmen,
investment advisers, and investment adviser representatives under certain circumstances.
Proposed law adds dishonest or unethical acts as a circumstance that may cause the
suspension or revocation of registration of dealers, salesmen, investment advisers, and
investment adviser representatives.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Adds R.S. 51:704(A)(10))