SB76
AN ACT relating to securities; creating the Fund for the Compensation of Victims of Securities Fraud and prescribing the use of money in the Fund; authorizing certain persons to whom a court orders restitution to apply for compensation from the Fund; requiring the Administrator of the Securities Division of the Office of the Secretary of State to review applications for and award compensation from the Fund; making confidential certain information; requiring the Division to adopt regulations relating to the administration of the Fund; requiring the Administrator to submit to the Legislature a biennial report concerning the Fund; requiring a person who receives compensation from the Fund to reimburse the State for such compensation under certain circumstances; revising provisions relating to certain exempt securities and exempt transactions; revising provisions governing the deposit of certain money received by the Division or the Administrator; and providing other matters properly relating thereto. Close title AN ACT relating to securities; creating the Fund for the Compensation of Victims of Securities Fraud and prescribing the use of money in the Fund; authorizing certain persons to whom a court orders restitution to apply for compensation from the Fund; requiring the Administrator of the Securities Division of the Office of the Secretary of State to review applications for and award compensation from the Fund; making confidential certain information; requiring the Division to adopt regulations relating to the administration of the Fund; requiring the Administrator to submit to the Legislature a biennial report concerning the Fund; requiring a person who receives compensation from the Fund to reimburse the State for such compensation under certain circumstances; revising provisions relating to certain exempt securities and exempt transactions; revising provisions governing the deposit of certain money received by the Division or the Administrator; and providing other matters properly relating thereto.
Introduction Date
Wednesday, November 20, 2024
Primary Sponsor
Senate Committee on Judiciary
Public exhibits
7
Support 5 · Opp 0 · Neutral 2
Auditor findings
0
recusal 0 · QPQ 0
AN ACT relating to securities; creating the Fund for the Compensation of Victims of Securities Fraud and prescribing the
Existing law establishes the Uniform Securities Act, which sets forth provisions governing the sale and purchase of securities in this State in a manner consistent with federal laws and regulations. In general, the Act prohibits a person from engaging in certain deceptive acts, practices or courses of business in connection with the offer, sale or purchase of a security. (NRS 90.570-90.610) The Act also authorizes certain sanctions against a person who violates these prohibitions, including civil penalties, criminal fines and payment of restitution. (NRS 90.630-90.650) The Nevada Constitution entitles a victim of a crime to full and timely restitution and requires all monetary payments, money and property collected from any person ordered to make restitution to be first applied to pay the amounts ordered as restitution to the victim. (Nev. Const. Art. 1, § 8A) Section 6 of this bill creates the Fund for the Compensation of Victims of Securities Fraud and requires that the money in the Fund be used for the compensation of certain victims to whom restitution is owed. Section 2 of this bill defines the term “Fund” to mean the Fund for the Compensation of Victims of Securities Fraud. Section 3 of this bill: (1) establishes the process by which certain persons to whom a court orders restitution may apply for and receive compensation from the Fund; (2) authorizes an applicant to appeal a determination made concerning an award of compensation from the Fund; and (3) makes confid
NELIS exhibits (7 on file)
Support (5)
- Paul Vargas — AARP (Testimony)
- John MGlamery (Letter)
- Connie McMullen — Senior Coalition of Washoe County (Letter)
- Jessica Padron — AARP (Testimony)
- Donna Clontz — AARP (Testimony)
Neutral (2)
- Second Conceptual Amendment — SOS (Testimony)
- Francisco V. Aguilar — Secretary of State (Presentation)
Bill text + amendments: view on NELIS →