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House approves stiffer penalties for securities misuse
Summary
Representative Bryson’s second-substitute HB72 passed unanimously on the House floor; the bill raises felony thresholds and clarifies prohibited conduct and sentencing guidelines for securities fraud.
The Utah House voted unanimously Feb. 5 to pass the second substitute to HB72, a measure that revises penalties for misuse of securities and expands definitions of prohibited conduct.
Representative Bryson told colleagues that the bill addresses widespread investor fraud and revises penalty thresholds: "When we talk about the penalties for violations...if the property, money or one thing unlawfully obtained is worth 10,000 or more...$10,000.01 would be considered a second degree felony," he said on the floor.
Representative Adair offered a personal example of a constituent who lost retirement equity to predatory lending and urged support for the bill as protection for vulnerable households. After speakers waived summation, the House recorded 74 yes votes and no dissenting votes. The bill now goes to the Senate for further consideration.
