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Committee adopts UCC disclosure substitute in HB543 to warn investors about securities-intermediary entitlements
Summary
The Business and Labor Committee adopted and recommended favorably the first substitute of HB543, a bill requiring conspicuous disclosure when financial assets held through securities intermediaries are subject to UCC entitlement rules and could be used as collateral by intermediaries.
Representative Kyle presented HB543 and its substitute as a consumer-notice measure aimed at increasing investor awareness that assets held through securities intermediaries may be "entitlements" under the Uniform Commercial Code and could be used as collateral. "What the substitute does is it says you need to... give a brief description of the practical…
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