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Subcommittee forwards technical updates to the Securities Act of 1980
Summary
HB2529, an administrative package updating the state’s Securities Act of 1980 (investment‑adviser exemptions, examiner information sharing, conservatorship/receiver authority, statute‑of‑limitations rules), was presented as technical and moved unanimously to Commerce.
The subcommittee advanced House Bill 2529, an administration bill updating parts of the Securities Act of 1980. Chairman Hale said the bill expands investment‑adviser exemptions to those exempted by commissioner‑adopted rules; clarifies that the commission may share confidential examination materials with other state regulators; authorizes courts to appoint the commissioner as receiver or conservator on request; and imposes a statute of limitations on private rights of action.
"It authorizes current or former Tennessee based broker dealers and agents to pursue dispute information, and it repeals the outdated provisions for educational cooperative scholarship plans," Chairman Hale said. Committee members moved to vote and the clerk recorded a unanimous 7–0 vote to move the bill to Commerce.
