Senate Bill 0300

    Florida Senate - 2000                                   SB 300

    By Senator Sebesta





    20-151-00

  1                      A bill to be entitled

  2         An act relating to the sale of securities;

  3         amending s. 517.211, F.S.; providing that

  4         certain unlawful sales of securities are not

  5         subject to recission or other penalties;

  6         providing an effective date.

  7

  8  Be It Enacted by the Legislature of the State of Florida:

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10         Section 1.  Subsection (1) of section 517.211, Florida

11  Statutes, is amended to read:

12         517.211  Remedies available in cases of unlawful

13  sale.--

14         (1)  Every sale made in violation of either s. 517.07

15  or s. 517.12(1), (4), (5), (9), (11), (13), (16), or (18) s.

16  517.12 may be rescinded at the election of the purchaser,

17  except that a sale made in violation of the provisions of s.

18  517.12(11) relating to a renewal of a branch office

19  registration shall not be subject to this section and a sale

20  made in violation of the provisions of s. 517.12(13) relating

21  to filing a change of address amendment shall not be subject

22  to this section. Each; and the person making the sale and

23  every director, officer, partner, or agent of or for the

24  seller, if the director, officer, partner, or agent has

25  personally participated or aided in making the sale, is

26  jointly and severally liable to the purchaser in an action for

27  rescission, if the purchaser still owns the security, or for

28  damages, if the purchaser has sold the security. No purchaser

29  otherwise entitled will have the benefit of this subsection

30  who has refused or failed, within 30 days of receipt, to

31  accept an offer made in writing by the seller, if the

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2000                                   SB 300
    20-151-00




  1  purchaser has not sold the security, to take back the security

  2  in question and to refund the full amount paid by the

  3  purchaser or, if the purchaser has sold the security, to pay

  4  the purchaser an amount equal to the difference between the

  5  amount paid for the security and the amount received by the

  6  purchaser on the sale of the security, together, in either

  7  case, with interest on the full amount paid for the security

  8  by the purchaser at the legal rate, pursuant to s. 55.03, for

  9  the period from the date of payment by the purchaser to the

10  date of repayment, less the amount of any income received by

11  the purchaser on the security.

12         Section 2.  This act shall take effect July 1, 2000.

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15                          SENATE SUMMARY

16    Provides that certain sales of securities, which sales
      are unlawful as a result of violations relating to
17    renewal of branch office registration or failure to file
      a change-of-address registration amendment, are not
18    subject to the statutory remedies provided generally for
      unlawful sales.
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