PRINTER'S NO. 1812
No. 1346 Session of 2002
INTRODUCED BY WAGNER, MELLOW, O'PAKE, MUSTO, FUMO, KASUNIC,
STOUT, BODACK, BOSCOLA, COSTA, HUGHES, KITCHEN, KUKOVICH,
LAVALLE, LOGAN, SCHWARTZ, STACK, TARTAGLIONE, A. WILLIAMS,
C. WILLIAMS AND WOZNIAK, MARCH 20, 2002
REFERRED TO BANKING AND INSURANCE, MARCH 20, 2002
AN ACT
1 Amending the act of December 5, 1972 (P.L.1280, No.284),
2 entitled "An act relating to securities; prohibiting
3 fraudulent practices in relation thereto; requiring the
4 registration of broker-dealers, agents, investment advisers,
5 and securities; and making uniform the law with reference
6 thereto," further providing for assessments.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Section 602.1(c)(1)(ii) of the act of December 5,
10 1972 (P.L.1280, No.284), known as the Pennsylvania Securities
11 Act of 1972, amended or added May 4, 1993 (P.L.4, No.4) and
12 November 24, 1998 (P.L.829, No.109), is amended to read:
13 Section 602.1. Assessments.--* * *
14 (c) * * *
15 (1) The commission, in issuing an order under this
16 subsection, may impose the administrative assessments set forth
17 below. Each act or omission that provides a basis for issuing an
18 order under this subsection shall constitute a separate
19 violation.
1 * * *
2 (ii) In issuing an order against a person for wilful
3 violation of section 401(a) or (c), 404, 406, 408, 409 or 512(d)
4 or for wilful violation of a cease and desist order issued under
5 section 606(c.1), the commission may impose an administrative
6 assessment of up to [twenty-five thousand dollars ($25,000)]
7 fifty thousand dollars ($50,000) for a single violation or up to
8 [one hundred fifty thousand dollars ($150,000)] three hundred
9 thousand dollars ($300,000) for multiple violations in a single
10 proceeding or a series of related proceedings. In addition to
11 the foregoing assessment, the commission also may impose a
12 special administrative assessment of up to [twenty-five thousand
13 dollars ($25,000)] fifty thousand dollars ($50,000) for each of
14 the provisions described as follows that the commission
15 determines are applicable:
16 * * *
17 Section 2. This act shall take effect in 60 days.
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