Senate requires regulator be named in certain expungement proceedings for advisers

Senator Gruenhagen opened on Senate File 21 47, saying the measure closes a loophole that currently allows a party to seek expungement from the investment-advisor registration depository without naming the insurance commissioner as a party, potentially leaving the regulator unaware of the proceeding. "Senate file 2 1 4 7 closes a loophole in current law regarding the expungement of records in the investment advisor registration depository," Gruenhagen said, and explained the bill would require the commissioner to be named as a respondent so the division can be informed and participate where appropriate.