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Senate moves to repeal special‑session securities law to avoid lawsuit, passes SB277
Summary
Senate Bill 277 would repeal a special‑session statute on illegal naked short selling after legal advice suggested the state would lose on federal preemption grounds; sponsor said repeal would likely end a lawsuit and preserve state options for future defensible legislation. The Senate passed the measure and sent it to the House.
The Utah Senate on Feb. 23 advanced and passed Senate Bill 277, a repeal of a special‑session securities enforcement law enacted earlier to address illegal naked short selling.
Sponsor Senator Bramble told colleagues the special‑session law prompted litigation brought by securities…
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