Illinois 93rd Regular Session Status: Enacted

SB 1865 — SECURITIES ENFORCE FORFEIT

Last action — Public Act . . . . . . . . . 93-0580

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 20, 2003. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Illinois Securities Law of 1953. Authorizes the Secretary of State to appoint special agents and investigators to conduct investigations. Grants to those agents police power with respect to the enforcement of the Illinois Securities Law of 1953 and any other law administered by the Illinois Securities Department. Provides that registration under the Securities Law may be denied or revoked if the registrant has engaged in any unethical practice in connection with any security rather than the offer or sale of securities. Provides for the seizure and forfeiture of assets obtained in violation of the Securities Law. Effective immediately.

Bill Text

What changed in the latest version

51 added · 51 removed

Plain-language change summary

The latest version of SB 1865 has removed a significant section of the bill, which was previously in the engrossed version. This change indicates a shift in focus or possibly a refinement of the bill's content, as the removed lines may have contained specific provisions or details. Understanding why these lines were eliminated could be important for stakeholders who were interested in those aspects, as it may affect the bill's overall impact or implementation.

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SB1865 Engrossed LRB093 03738 JLS 11715 b AN ACT concerning securities regulation.
SB1865 Enrolled LRB093 03738 JLS 11715 b AN ACT concerning securities regulation.
provided that such salesperson need not be registered when effecting transactions in this State limited to those transactions described in Section 15(h)(2) of the Federal 1934 Act or engaging in the offer or sale of securities in respect of which he or she has beneficial ownership and is a controlling SB1865 Engrossed -2- LRB093 03738 JLS 11715 b person.
provided that such salesperson need not be registered when effecting transactions in this State limited to those transactions described in Section 15(h)(2) of the Federal 1934 Act or engaging in the offer or sale of securities in respect of which he or she has beneficial ownership and is a controlling SB1865 Enrolled -2- LRB093 03738 JLS 11715 b person.
(b) A list setting forth the name, residence and business address and a 10 year occupational statement of each principal of the applicant and a statement describing briefly any civil or criminal proceedings of SB1865 Engrossed -3- LRB093 03738 JLS 11715 b which fraud is an essential element pending against any such principal and the facts concerning any conviction of any such principal of a felony, or of any misdemeanor of which fraud is an essential element;
(b) A list setting forth the name, residence and business address and a 10 year occupational statement of each principal of the applicant and a statement describing briefly any civil or criminal proceedings of SB1865 Enrolled -3- LRB093 03738 JLS 11715 b which fraud is an essential element pending against any such principal and the facts concerning any conviction of any such principal of a felony, or of any misdemeanor of which fraud is an essential element;
(8) (a) No applicant shall be registered or re-registered as a dealer or limited Canadian dealer under this Section unless and until each principal of the SB1865 Engrossed -4- LRB093 03738 JLS 11715 b dealer has passed an examination conducted by the Secretary of State or a self-regulatory organization of securities dealers or similar person, which examination has been designated by the Secretary of State by rule, regulation or order to be satisfactory for purposes of determining whether the applicant has sufficient knowledge of the securities business and laws relating thereto to act as a registered dealer.
(8) (a) No applicant shall be registered or re-registered as a dealer or limited Canadian dealer under this Section unless and until each principal of the SB1865 Enrolled -4- LRB093 03738 JLS 11715 b dealer has passed an examination conducted by the Secretary of State or a self-regulatory organization of securities dealers or similar person, which examination has been designated by the Secretary of State by rule, regulation or order to be satisfactory for purposes of determining whether the applicant has sufficient knowledge of the securities business and laws relating thereto to act as a registered dealer.
(b) Unless an applicant is a member of the body corporate known as the Securities Investor Protection Corporation established pursuant to the Act of Congress of the United States known as the Securities Investor Protection Act of 1970, as amended, a member of an SB1865 Engrossed -5- LRB093 03738 JLS 11715 b association of dealers registered as a national securities association pursuant to Section 15A of the Federal 1934 Act, or a member of a self-regulatory organization or stock exchange in Canada which the Secretary of State has designated by rule or order, an applicant shall not be registered or re-registered unless and until there is filed with the Secretary of State evidence that such applicant has in effect insurance or other equivalent protection for each client's cash or securities held by such applicant, and an undertaking that such applicant will continually maintain such insurance or other protection during the period of registration or re-registration.
(b) Unless an applicant is a member of the body corporate known as the Securities Investor Protection Corporation established pursuant to the Act of Congress of the United States known as the Securities Investor Protection Act of 1970, as amended, a member of an SB1865 Enrolled -5- LRB093 03738 JLS 11715 b association of dealers registered as a national securities association pursuant to Section 15A of the Federal 1934 Act, or a member of a self-regulatory organization or stock exchange in Canada which the Secretary of State has designated by rule or order, an applicant shall not be registered or re-registered unless and until there is filed with the Secretary of State evidence that such applicant has in effect insurance or other equivalent protection for each client's cash or securities held by such applicant, and an undertaking that such applicant will continually maintain such insurance or other protection during the period of registration or re-registration.
SB1865 Engrossed -6- LRB093 03738 JLS 11715 b C.
SB1865 Enrolled -6- LRB093 03738 JLS 11715 b C.
and (6) no individual shall be registered or re-registered as a salesperson under this Section unless and until such individual has passed an examination conducted by the Secretary of State or a self-regulatory organization of securities dealers or similar person, SB1865 Engrossed -7- LRB093 03738 JLS 11715 b which examination has been designated by the Secretary of State by rule, regulation or order to be satisfactory for purposes of determining whether the applicant has sufficient knowledge of the securities business and laws relating thereto to act as a registered salesperson.
and (6) no individual shall be registered or re-registered as a salesperson under this Section unless and until such individual has passed an examination conducted by the Secretary of State or a self-regulatory organization of securities dealers or similar person, SB1865 Enrolled -7- LRB093 03738 JLS 11715 b which examination has been designated by the Secretary of State by rule, regulation or order to be satisfactory for purposes of determining whether the applicant has sufficient knowledge of the securities business and laws relating thereto to act as a registered salesperson.
If the activities are SB1865 Engrossed -8- LRB093 03738 JLS 11715 b terminated which rendered an individual a salesperson for the dealer, issuer or controlling person, the dealer, issuer or controlling person, as the case may be, shall notify the Secretary of State, in writing, within 30 days of the salesperson's cessation of activities, using the appropriate termination notice form.
If the activities are SB1865 Enrolled -8- LRB093 03738 JLS 11715 b terminated which rendered an individual a salesperson for the dealer, issuer or controlling person, the dealer, issuer or controlling person, as the case may be, shall notify the Secretary of State, in writing, within 30 days of the salesperson's cessation of activities, using the appropriate termination notice form.
Every person acting as a federal covered investment adviser in this State shall file a notification filing and pay an annual notification filing fee established SB1865 Engrossed -9- LRB093 03738 JLS 11715 b pursuant to Section 11a of this Act, which is not returnable in any event.
Every person acting as a federal covered investment adviser in this State shall file a notification filing and pay an annual notification filing fee established SB1865 Enrolled -9- LRB093 03738 JLS 11715 b pursuant to Section 11a of this Act, which is not returnable in any event.
(2) The education, the business affiliations for the past 10 years, and the present business affiliations SB1865 Engrossed -10- LRB093 03738 JLS 11715 b of the investment adviser and of the adviser's principal, partners, officers, directors, and persons performing similar functions and of any person controlling the investment adviser;
(2) The education, the business affiliations for the past 10 years, and the present business affiliations SB1865 Enrolled -10- LRB093 03738 JLS 11715 b of the investment adviser and of the adviser's principal, partners, officers, directors, and persons performing similar functions and of any person controlling the investment adviser;
SB1865 Engrossed -11- LRB093 03738 JLS 11715 b (8) Such additional information as the Secretary of State may, by rule, regulation or order prescribe as necessary to determine the applicant's financial responsibility, business repute and qualification to act as an investment adviser.
SB1865 Enrolled -11- LRB093 03738 JLS 11715 b (8) Such additional information as the Secretary of State may, by rule, regulation or order prescribe as necessary to determine the applicant's financial responsibility, business repute and qualification to act as an investment adviser.
The Secretary of State may by order waive the examination or educational program requirement for any applicant for SB1865 Engrossed -12- LRB093 03738 JLS 11715 b registration under this subsection D if the principal of the applicant who is actively engaged in the conduct and management of the applicant's advisory business in this State has had such experience or education relating to the securities business as may be determined by the Secretary of State to be the equivalent of the examination or educational program.
The Secretary of State may by order waive the examination or educational program requirement for any applicant for SB1865 Enrolled -12- LRB093 03738 JLS 11715 b registration under this subsection D if the principal of the applicant who is actively engaged in the conduct and management of the applicant's advisory business in this State has had such experience or education relating to the securities business as may be determined by the Secretary of State to be the equivalent of the examination or educational program.
In SB1865 Engrossed -13- LRB093 03738 JLS 11715 b respect to assets and liabilities of an investment adviser that retains custody of clients' cash or securities or accepts pre-payment of fees in excess of $500 per client and 6 or more months in advance only materially adverse changes need be reported by written notice (which may be by electronic or facsimile transmission) no later than the close of business on the second business day following the discovery thereof.
In SB1865 Enrolled -13- LRB093 03738 JLS 11715 b respect to assets and liabilities of an investment adviser that retains custody of clients' cash or securities or accepts pre-payment of fees in excess of $500 per client and 6 or more months in advance only materially adverse changes need be reported by written notice (which may be by electronic or facsimile transmission) no later than the close of business on the second business day following the discovery thereof.
(3) The nature of employment with, and names and addresses of, employers of the investment adviser SB1865 Engrossed -14- LRB093 03738 JLS 11715 b representative for the 10 years immediately preceding the date of application;
(3) The nature of employment with, and names and addresses of, employers of the investment adviser SB1865 Enrolled -14- LRB093 03738 JLS 11715 b representative for the 10 years immediately preceding the date of application;
A change that renders no longer accurate any information SB1865 Engrossed -15- LRB093 03738 JLS 11715 b contained in any application for registration or re-registration as an investment adviser representative must be reported to the Secretary of State within 10 business days after the occurrence of the change.
A change that renders no longer accurate any information SB1865 Enrolled -15- LRB093 03738 JLS 11715 b contained in any application for registration or re-registration as an investment adviser representative must be reported to the Secretary of State within 10 business days after the occurrence of the change.
(a) has been convicted of any felony during the 10 SB1865 Engrossed -16- LRB093 03738 JLS 11715 b year period preceding the date of filing of any application for registration or at any time thereafter, or of any misdemeanor of which fraud is an essential element;
(a) has been convicted of any felony during the 10 SB1865 Enrolled -16- LRB093 03738 JLS 11715 b year period preceding the date of filing of any application for registration or at any time thereafter, or of any misdemeanor of which fraud is an essential element;
(e) in the case of a dealer, limited Canadian dealer, salesperson, or registered principal of a dealer or limited Canadian dealer (i) has failed reasonably to supervise the securities activities of any of its salespersons ________r____________ and the failure has permitted or facilitated a violation of Section 12 of this Act or (ii) is offering or selling or has offered or sold securities in this State through a salesperson other than a registered salesperson, or, in the case of a salesperson, is selling or has sold securities in this State for a dealer, limited Canadian dealer, issuer or controlling person with knowledge that the dealer, limited Canadian dealer, issuer or controlling person has not complied with the provisions of this Act or (iii) has failed reasonably to supervise the implementation of compliance measures following notice by the Secretary of State of noncompliance with the Act or with the regulations promulgated thereunder or both or (iv) has failed to maintain and enforce written procedures to supervise the types of business in which it engages and to supervise the activities of its salespersons that are SB1865 Engrossed -17- LRB093 03738 JLS 11715 b reasonably designed to achieve compliance with applicable securities laws and regulations;
(e) in the case of a dealer, limited Canadian dealer, salesperson, or registered principal of a dealer or limited Canadian dealer (i) has failed reasonably to supervise the securities activities of any of its salespersons ________r____________ and the failure has permitted or facilitated a violation of Section 12 of this Act or (ii) is offering or selling or has offered or sold securities in this State through a salesperson other than a registered salesperson, or, in the case of a salesperson, is selling or has sold securities in this State for a dealer, limited Canadian dealer, issuer or controlling person with knowledge that the dealer, limited Canadian dealer, issuer or controlling person has not complied with the provisions of this Act or (iii) has failed reasonably to supervise the implementation of compliance measures following notice by the Secretary of State of noncompliance with the Act or with the regulations promulgated thereunder or both or (iv) has failed to maintain and enforce written procedures to supervise the types of business in which it engages and to supervise the activities of its salespersons that are SB1865 Enrolled -17- LRB093 03738 JLS 11715 b reasonably designed to achieve compliance with applicable securities laws and regulations;
(k) has had any order entered against it after notice and opportunity for hearing by a securities agency of any state, any foreign government or agency thereof, SB1865 Engrossed -18- LRB093 03738 JLS 11715 b the Securities and Exchange Commission, or the Federal Commodities Futures Trading Commission arising from any fraudulent or deceptive act or a practice in violation of any statute, rule or regulation administered or promulgated by the agency or commission;
(k) has had any order entered against it after notice and opportunity for hearing by a securities agency of any state, any foreign government or agency thereof, SB1865 Enrolled -18- LRB093 03738 JLS 11715 b the Securities and Exchange Commission, or the Federal Commodities Futures Trading Commission arising from any fraudulent or deceptive act or a practice in violation of any statute, rule or regulation administered or promulgated by the agency or commission;
(p) in the case of a natural person who is a dealer, limited Canadian dealer, salesperson, investment SB1865 Engrossed -19- LRB093 03738 JLS 11715 b adviser, or investment adviser representative, has defaulted on an educational loan guaranteed by the Illinois Student Assistance Commission, until the natural person has established a satisfactory repayment record as determined by the Illinois Student Assistance Commission;
(p) in the case of a natural person who is a dealer, limited Canadian dealer, salesperson, investment SB1865 Enrolled -19- LRB093 03738 JLS 11715 b adviser, or investment adviser representative, has defaulted on an educational loan guaranteed by the Illinois Student Assistance Commission, until the natural person has established a satisfactory repayment record as determined by the Illinois Student Assistance Commission;
(w) is permanently or temporarily enjoined by any court of competent jurisdiction, including any state, federal, or foreign government, from engaging in or SB1865 Engrossed -20- LRB093 03738 JLS 11715 b continuing any conduct or practice involving any aspect of the securities or commodities business or in any other business where the conduct or practice enjoined involved investments, franchises, insurance, banking, or finance;
(w) is permanently or temporarily enjoined by any court of competent jurisdiction, including any state, federal, or foreign government, from engaging in or SB1865 Enrolled -20- LRB093 03738 JLS 11715 b continuing any conduct or practice involving any aspect of the securities or commodities business or in any other business where the conduct or practice enjoined involved investments, franchises, insurance, banking, or finance;
If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Secretary of State may nevertheless institute a revocation or suspension proceeding within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration SB1865 Engrossed -21- LRB093 03738 JLS 11715 b was effective.
If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Secretary of State may nevertheless institute a revocation or suspension proceeding within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration SB1865 Enrolled -21- LRB093 03738 JLS 11715 b was effective.
provided, that the Secretary of State may by rule or regulation prescribe an alternate date which any dealer registered under the Federal 1934 Act or a member of any self-regulatory association approved pursuant thereto, a member of a self-regulatory organization or stock exchange in SB1865 Engrossed -22- LRB093 03738 JLS 11715 b Canada, or any investment adviser may elect as the expiration date of its dealer or limited Canadian dealer and salesperson registrations, or the expiration date of its investment adviser registration, as the case may be.
provided, that the Secretary of State may by rule or regulation prescribe an alternate date which any dealer registered under the Federal 1934 Act or a member of any self-regulatory association approved pursuant thereto, a member of a self-regulatory organization or stock exchange in SB1865 Enrolled -22- LRB093 03738 JLS 11715 b Canada, or any investment adviser may elect as the expiration date of its dealer or limited Canadian dealer and salesperson registrations, or the expiration date of its investment adviser registration, as the case may be.
Each application for re-registration of a dealer, limited Canadian dealer, or investment adviser shall be accompanied by a filing fee, each application for re-registration as a salesperson shall be accompanied by a filing fee and a Securities Audit and Enforcement Fund fee established pursuant to Section 11a of this Act, and each application for re-registration as an investment adviser representative shall be accompanied by a Securities Audit and Enforcement Fund fee SB1865 Engrossed -23- LRB093 03738 JLS 11715 b established under Section 11a of this Act, which shall not be returnable in any event.
Each application for re-registration of a dealer, limited Canadian dealer, or investment adviser shall be accompanied by a filing fee, each application for re-registration as a salesperson shall be accompanied by a filing fee and a Securities Audit and Enforcement Fund fee established pursuant to Section 11a of this Act, and each application for re-registration as an investment adviser representative shall be accompanied by a Securities Audit and Enforcement Fund fee SB1865 Enrolled -23- LRB093 03738 JLS 11715 b established under Section 11a of this Act, which shall not be returnable in any event.
(3) All the books and records referred to in paragraph (1) of this subsection I are subject at any time or from time to time to such reasonable periodic, special or other audits, SB1865 Engrossed -24- LRB093 03738 JLS 11715 b examinations, or inspections by representatives of the Secretary of State, within or without this State, as the Secretary of State deems necessary or appropriate in the public interest or for the protection of investors.
(3) All the books and records referred to in paragraph (1) of this subsection I are subject at any time or from time to time to such reasonable periodic, special or other audits, SB1865 Enrolled -24- LRB093 03738 JLS 11715 b examinations, or inspections by representatives of the Secretary of State, within or without this State, as the Secretary of State deems necessary or appropriate in the public interest or for the protection of investors.
SB1865 Engrossed -25- LRB093 03738 JLS 11715 b L.
SB1865 Enrolled -25- LRB093 03738 JLS 11715 b L.
(2) Among other things, the Secretary of State shall have authority, for the purposes of this Act, to prescribe the form or forms in which required information shall be set SB1865 Engrossed -26- LRB093 03738 JLS 11715 b forth, accounting practices, the items or details to be shown in balance sheets and earning statements, and the methods to be followed in the preparation of accounts, in the appraisal or valuation of assets and liabilities, in the determination of depreciation and depletion, in the differentiation of recurring and non-recurring income, in the differentiation of investment and operating income, and in the preparation of consolidated balance sheets or income accounts of any person, directly or indirectly, controlling or controlled by the issuer, or any person under direct or indirect common control with the issuer.
(2) Among other things, the Secretary of State shall have authority, for the purposes of this Act, to prescribe the form or forms in which required information shall be set SB1865 Enrolled -26- LRB093 03738 JLS 11715 b forth, accounting practices, the items or details to be shown in balance sheets and earning statements, and the methods to be followed in the preparation of accounts, in the appraisal or valuation of assets and liabilities, in the determination of depreciation and depletion, in the differentiation of recurring and non-recurring income, in the differentiation of investment and operating income, and in the preparation of consolidated balance sheets or income accounts of any person, directly or indirectly, controlling or controlled by the issuer, or any person under direct or indirect common control with the issuer.
_h_____________________a______________________p_____________ _____y_____________________n______________________h_____________ _______(___________________t______________________o_____________ _____t_____________________n______________________f_____________ _p_____________________l______________________l_____________ SB1865 Engrossed -27- LRB093 03738 JLS 11715 b _____r_____________________f_______________________o____________ _____s______________________P____________________ (5) The Secretary of State, by rule, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions from any provision of Section 5, 6, 7, 8, 8a, or 9 of this Act or of any rule promulgated under these Sections, to the extent that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.
_h_____________________a______________________p_____________ _____y_____________________n______________________h_____________ _______(___________________t______________________o_____________ _____t_____________________n______________________f_____________ _p_____________________l______________________l_____________ SB1865 Enrolled -27- LRB093 03738 JLS 11715 b _____r_____________________f_______________________o____________ _____s______________________P____________________ (5) The Secretary of State, by rule, may conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions from any provision of Section 5, 6, 7, 8, 8a, or 9 of this Act or of any rule promulgated under these Sections, to the extent that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.
(1) require or permit the person to file with the SB1865 Engrossed -28- LRB093 03738 JLS 11715 b Secretary of State a statement in writing under oath, or otherwise, as to all the facts and circumstances concerning the subject matter which the Secretary of State believes to be in the public interest to investigate, audit, examine, or inspect;
(1) require or permit the person to file with the SB1865 Enrolled -28- LRB093 03738 JLS 11715 b Secretary of State a statement in writing under oath, or otherwise, as to all the facts and circumstances concerning the subject matter which the Secretary of State believes to be in the public interest to investigate, audit, examine, or inspect;
(2) The Secretary of State or a person designated by him or her is further empowered to administer oaths and affirmations, subpoena witnesses, take evidence, and require the production of any books and records, papers, or other documents in this State at the request of a securities agency of another state, if the activities constituting the alleged violation for which the information is sought would be in SB1865 Engrossed -29- LRB093 03738 JLS 11715 b violation of Section 12 of this Act if the activities had occurred in this State.
(2) The Secretary of State or a person designated by him or her is further empowered to administer oaths and affirmations, subpoena witnesses, take evidence, and require the production of any books and records, papers, or other documents in this State at the request of a securities agency of another state, if the activities constituting the alleged violation for which the information is sought would be in SB1865 Enrolled -29- LRB093 03738 JLS 11715 b violation of Section 12 of this Act if the activities had occurred in this State.
SB1865 Engrossed -30- LRB093 03738 JLS 11715 b (1) If the Secretary of State shall find that the offer or sale or proposed offer or sale or method of offer or sale of any securities by any person, whether exempt or not, in this State, is fraudulent, or would work or tend to work a fraud or deceit, or is being offered or sold in violation of Section 12, or there has been a failure or refusal to submit any notification filing or fee required under this Act, the Secretary of State may by written order prohibit or suspend the offer or sale of securities by that person or deny or revoke the registration of the securities or the exemption from registration for the securities.
SB1865 Enrolled -30- LRB093 03738 JLS 11715 b (1) If the Secretary of State shall find that the offer or sale or proposed offer or sale or method of offer or sale of any securities by any person, whether exempt or not, in this State, is fraudulent, or would work or tend to work a fraud or deceit, or is being offered or sold in violation of Section 12, or there has been a failure or refusal to submit any notification filing or fee required under this Act, the Secretary of State may by written order prohibit or suspend the offer or sale of securities by that person or deny or revoke the registration of the securities or the exemption from registration for the securities.
(3) If the Secretary of State shall find that any person is engaging or has engaged in the business of selling or offering for sale securities as a dealer or salesperson or is acting or has acted as an investment adviser, investment adviser representative, or federal covered investment adviser, without prior thereto and at the time thereof having complied with the registration or notice filing requirements of this Act, the Secretary of State may by written order prohibit or suspend the person from engaging in the business of selling or offering for SB1865 Engrossed -31- LRB093 03738 JLS 11715 b sale securities, or acting as an investment adviser, investment adviser representative, or federal covered investment adviser, in this State.
(3) If the Secretary of State shall find that any person is engaging or has engaged in the business of selling or offering for sale securities as a dealer or salesperson or is acting or has acted as an investment adviser, investment adviser representative, or federal covered investment adviser, without prior thereto and at the time thereof having complied with the registration or notice filing requirements of this Act, the Secretary of State may by written order prohibit or suspend the person from engaging in the business of selling or offering for SB1865 Enrolled -31- LRB093 03738 JLS 11715 b sale securities, or acting as an investment adviser, investment adviser representative, or federal covered investment adviser, in this State.
A failure to appear at the hearing or otherwise respond to the allegations set forth in the notice of hearing shall constitute an admission of any facts alleged therein and SB1865 Engrossed -32- LRB093 03738 JLS 11715 b shall constitute sufficient basis to enter an order.
A failure to appear at the hearing or otherwise respond to the allegations set forth in the notice of hearing shall constitute an admission of any facts alleged therein and SB1865 Enrolled -32- LRB093 03738 JLS 11715 b shall constitute sufficient basis to enter an order.
Any provision of this paragraph (2) to the contrary notwithstanding, the Secretary of State may not pursuant to the provisions of this paragraph (2) suspend the registration of a dealer, limited Canadian dealer, salesperson, investment adviser, or investment adviser representative based upon sub-paragraph (n) of paragraph (l) of subsection E of Section 8 of this Act or revoke the registration of securities or SB1865 Engrossed -33- LRB093 03738 JLS 11715 b revoke the registration of any dealer, salesperson, investment adviser representative, or investment adviser.
Any provision of this paragraph (2) to the contrary notwithstanding, the Secretary of State may not pursuant to the provisions of this paragraph (2) suspend the registration of a dealer, limited Canadian dealer, salesperson, investment adviser, or investment adviser representative based upon sub-paragraph (n) of paragraph (l) of subsection E of Section 8 of this Act or revoke the registration of securities or SB1865 Enrolled -33- LRB093 03738 JLS 11715 b revoke the registration of any dealer, salesperson, investment adviser representative, or investment adviser.
(5) The findings and decision of the Secretary of State upon the conclusion of each final hearing held pursuant to this subsection shall be set forth in a written order signed SB1865 Engrossed -34- LRB093 03738 JLS 11715 b on behalf of the Secretary of State by his or her designee and shall be filed as a public record.
(5) The findings and decision of the Secretary of State upon the conclusion of each final hearing held pursuant to this subsection shall be set forth in a written order signed SB1865 Enrolled -34- LRB093 03738 JLS 11715 b on behalf of the Secretary of State by his or her designee and shall be filed as a public record.
SB1865 Engrossed -35- LRB093 03738 JLS 11715 b G.
SB1865 Enrolled -35- LRB093 03738 JLS 11715 b G.
Notwithstanding any other provisions of this Act to the contrary, whenever it shall appear to the Secretary of State that any person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of this Act or of any rule or regulation prescribed under authority of this Act, the Secretary of State may at SB1865 Engrossed -36- LRB093 03738 JLS 11715 b his or her discretion, through the Attorney General t ________ _____e___________________:
Notwithstanding any other provisions of this Act to the contrary, whenever it shall appear to the Secretary of State that any person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of this Act or of any rule or regulation prescribed under authority of this Act, the Secretary of State may at SB1865 Enrolled -36- LRB093 03738 JLS 11715 b his or her discretion, through the Attorney General t ________ _____e___________________:
_________________z______________________o_____________ _x_____________________e______________________y_____________ _h_____________________l______________________p_____________ _,______________________t______________________s____________ _u_____________________a______________________r___________ _____________e_____________________o_____________ __________________s_____________________g_____________ ___________________c____________________t_____________ _________________s______________________s_____________ _________________e______________________i_____________ _________________e_______________________m____________ _________________n_______________________I_________ ____________e______________________w_____________ _________________e______________________i_____________ _________________u______________________d_____________ _________________e______________________e_____________ ___________________a_____________________t____________ _________________S_______________________A____________ _________________i______________________s_____________ _________________s_____ SB1865 Engrossed -37- LRB093 03738 JLS 11715 b _____________o_____________________e_____________ _________________n______________________z_____________ _________________r______________________u_____________ __________________a_____________________z_____________ _________________,______________________t_____________ _________________h______________________t_____________ _________________i______________________e_____________ _________________a______________________i_____________ _________________i__________________ ____________e______________________t_____________ _________________c_______________________d____________ _________________o______________________t_____________ __________________h_____________________o_____________ _________________r______________________r_____________ _________________a_______________________a____________ _________________i______________ _________________r______________________a_____________ _o_____________________f______________________h_____________ _,_____________________i______________________t_____________ _r_____________________t______________________r_____________ _e_____________________p______________________c_____________ _e______________________f___________ ______________e_____________________b____________ _________________s______________________e_____________ _________________t______________________i_____________ ___________ _____________o_____________________d_____________ _________________h______________________i_____________ _________________v______________________a____ _____________o_____________________h_____________ _________________l______________________i_____________ _________________r______________________t_____________ _________________r______________________e_____________ _________ SB1865 Engrossed -38- LRB093 03738 JLS 11715 b ____________w______________________t_____________ __________________u_____________________j_____________ __________ _______e______________________e_____________ _____________n_____________________r_____________ ____________t_____________ _______h_______________________t____________ ____________m_____ _______t______________________n_____________ ____________n______________________y__ _______h______________________y_____________ ____________a______________________h_____________ ____________o_______________________p_________ _______e______________________f_____________ ____________w______________________r_____________ _________ _______h______________________s_____________ _____________a_____________________o_____________ ____________o__________ _______a______________________p_____________ ____________n__ ________t_____________________u_____ ____________w______________________h_____________ _________________t______________________p_______ ____________p_______________________e____________ _________________t_______________________o____________ _________________e______________________e_____________ __________________i________________ ________n_____________________b_____________ ____________i______________________t_____________ _____________i_____________________a_____________ ____________a______________________u_____________ ____________w____________________ _______i______________________n_____________ SB1865 Engrossed -39- LRB093 03738 JLS 11715 b ____________r______________________c_____________ ____________e______________________s_____________ ___________ _______d______________________p_____________ ____________r_______________________p____________ _____________r_____________________u_____________ ____________t_______________________i____________ ____________s______________________u_____________ ____________i______________________r_____________ ____________o__ _______c______________________t_____________ _____________o______________________r____________ ____________a______________________t_____________ _____________i_____________________g_____________ ____________i______________________i_____________ ____________t_______________________c____________ _____________t_______________ ____________r______________________h_____________ __________________i_____________________n_____________ ______ ____________t______________________t_____________ _________________p_______________________S____________ _________________s________________________c___________ _________________n_______________________t____________ _________________e______________________o_____________ _________________i______________________h_____________ _________________t______________________c_____________ ___________ ____________r______________________l_____________ _________________o______________________e_____________ _________________S______________________o_____________ _________________m_______________________s____________ _________________t______________________e_____________ _________________h________________________s___________ SB1865 Engrossed -40- LRB093 03738 JLS 11715 b ___________ ____________S______________________e_____________ _________________p______________________a_____________ _________________s______________________s_____________ _________________t______________________t_____________ _________________e_______________________t____________ _________________a______________________f_____________ _________________e______________________r_____________ _________________h______________________d_____________ _________________a______________________l_____________ _________________y_______________________t____________ __________________h_____________________t_____________ _________________D______________________a_____________ _________________r______________________t_____________ _________________r______________________o___ ____________n______________________a_____________ _________________r_______________________d____________ _________________i________________________o___________ _________________a______________________n_____________ __________________t_____________________o_____________ _________________i______________________e_____________ _________________c_______________________e____________ _________________n______________________._ ____________u______________________i_____________ _________________o______________________v_____________ __________________p______________________n____________ __________________u______________________h____________ _________________n_______________________S____________ _________________t_________________________f__________ _________________n______________________f_____________ _________________m______________________n_____________ _________________e______________________i_____________ _________________e______________________t_____________ _________________t________________________b___________ SB1865 Engrossed -41- LRB093 03738 JLS 11715 b ___________________r____________________t_____________ ___________________a____________________n_____________ _________________o______________________r_____________ _________________y______________________t___ ____________p______________________e_____________ _________________h______________________i_____________ _________________s______________________h_____________ __________________p_____________________i_____________ _________________e______________________f_____________ _________________j______________________d_____________ _________________d______________________h_____________ _________________b______________________g_____________ _________________h_______________________t____________ _________________e________________________A___________ __________________S_____________________p_____________ _________________ _______l________________________a___________ ____________i______________________t_____________ ____________e______________________l_____________ ____________i_____________________ _______h______________________s_____________ _____________t_______________________a___________ ____________d_______________________s____________ ____________b______________________i_____________ ____________r___ _______a______________________o_____________ ____________,______________________p_____________ ______________o____________________e_____________ ____________h_______________________t____________ ____________n________________________f___________ ____________d______________________n_____________ ____________p________________________s___________ ____________g______________________f____________ _______n______________________g_____________ SB1865 Engrossed -42- LRB093 03738 JLS 11715 b ____________v______________________e_____________ ____________e______________________e_____________ ____________n______________________i_____________ _____________F_____________________o_____________ ____________t______________________n_____________ ______________t______________________r___________ ____________a________________________e___________ ____________r______________________e_____________ _____________c_____________________n_____________ ____________e______________________e_____________ ____________f_______________________i____________ ____________a______________________i_____________ ____________u_______________________t____________ ____________a______________________s_____________ ____________e_______________________F_____ ____________c______________________a_____________ _________________e______________________d_____________ _________________t______________________r_____________ __________________f______________________a____________ _________________a______________________t_____________ _________________u______________________i_____________ _________________o______________________n_____________ _________________p_______________________t____________ _________________t________________________a___________ _________________f______________________y_____________ _________________o______________________h_____________ _________________d______________________e_____________ _________________n______________________n_____________ _________________e______________________e_____________ _________________n______________________d_____________ _________________l______________________I_____________ _________________a______________________c_____________ _________________e_______________________d____________ _________________r______________________t_____________ SB1865 Engrossed -43- LRB093 03738 JLS 11715 b _________________u______________________S_____________ _________________d______________________t_____________ _________________p______________________s_____________ _________________l______________________l_____________ __________________c______________________d____________ _________________t______________________d_____________ ____________ ____________l______________________b_____________ _________________i______________________l_____________ _________________e______________________o_____________ _________________w______________________e_____________ _________________s________________________i___________ _________________d______________________e_____________ _________________f______________________n_____________ _________________i______________________l_____________ _________________i____________ ____________e______________________d_____________ __________________t_______________________i___________ _________________u______________________l_____________ _________________r______________________e_____________ _________ ____________s______________________s_____________ _________________r_______________________c____________ _________________e______________________n_____________ _________________n_______________________p____________ _________________d______________________r_____________ _________________l_________________ _______________i___________________l_____________ _________________o________________________b___________ __________________p______________________f____________ __________________b________________________f__________ _________________i______________________t_____________ _________________e________________________b___________ _________________r_______________________a____________ SB1865 Engrossed -44- LRB093 03738 JLS 11715 b _________________t______________________a_____________ __________________t______________________t____________ __________________p_____________________w_____________ _________________t______________________i_______ The court shall further have jurisdiction and authority, in addition to the penalties and other remedies in this Act provided, to enter an order for the appointment of the court or a person as a receiver, conservator, ancillary receiver or ancillary conservator for the defendant or the defendant's assets located in this State, or to require restitution, damages or disgorgement of profits on behalf of the person or persons injured by the act or practice constituting the subject matter of the action, and may assess costs against the defendant for the use of the State;
_________________z______________________o_____________ _x_____________________e______________________y_____________ _h_____________________l______________________p_____________ _,______________________t______________________s____________ _u_____________________a______________________r___________ _____________e_____________________o_____________ __________________s_____________________g_____________ ___________________c____________________t_____________ _________________s______________________s_____________ _________________e______________________i_____________ _________________e_______________________m____________ _________________n_______________________I_________ ____________e______________________w_____________ _________________e______________________i_____________ _________________u______________________d_____________ _________________e______________________e_____________ ___________________a_____________________t____________ _________________S_______________________A____________ _________________i______________________s_____________ _________________s_____ SB1865 Enrolled -37- LRB093 03738 JLS 11715 b _____________o_____________________e_____________ _________________n______________________z_____________ _________________r______________________u_____________ __________________a_____________________z_____________ _________________,______________________t_____________ _________________h______________________t_____________ _________________i______________________e_____________ _________________a______________________i_____________ _________________i__________________ ____________e______________________t_____________ _________________c_______________________d____________ _________________o______________________t_____________ __________________h_____________________o_____________ _________________r______________________r_____________ _________________a_______________________a____________ _________________i______________ _________________r______________________a_____________ _o_____________________f______________________h_____________ _,_____________________i______________________t_____________ _r_____________________t______________________r_____________ _e_____________________p______________________c_____________ _e______________________f___________ ______________e_____________________b____________ _________________s______________________e_____________ _________________t______________________i_____________ ___________ _____________o_____________________d_____________ _________________h______________________i_____________ _________________v______________________a____ _____________o_____________________h_____________ _________________l______________________i_____________ _________________r______________________t_____________ _________________r______________________e_____________ _________ SB1865 Enrolled -38- LRB093 03738 JLS 11715 b ____________w______________________t_____________ __________________u_____________________j_____________ __________ _______e______________________e_____________ _____________n_____________________r_____________ ____________t_____________ _______h_______________________t____________ ____________m_____ _______t______________________n_____________ ____________n______________________y__ _______h______________________y_____________ ____________a______________________h_____________ ____________o_______________________p_________ _______e______________________f_____________ ____________w______________________r_____________ _________ _______h______________________s_____________ _____________a_____________________o_____________ ____________o__________ _______a______________________p_____________ ____________n__ ________t_____________________u_____ ____________w______________________h_____________ _________________t______________________p_______ ____________p_______________________e____________ _________________t_______________________o____________ _________________e______________________e_____________ __________________i________________ ________n_____________________b_____________ ____________i______________________t_____________ _____________i_____________________a_____________ ____________a______________________u_____________ ____________w____________________ _______i______________________n_____________ SB1865 Enrolled -39- LRB093 03738 JLS 11715 b ____________r______________________c_____________ ____________e______________________s_____________ ___________ _______d______________________p_____________ ____________r_______________________p____________ _____________r_____________________u_____________ ____________t_______________________i____________ ____________s______________________u_____________ ____________i______________________r_____________ ____________o__ _______c______________________t_____________ _____________o______________________r____________ ____________a______________________t_____________ _____________i_____________________g_____________ ____________i______________________i_____________ ____________t_______________________c____________ _____________t_______________ ____________r______________________h_____________ __________________i_____________________n_____________ ______ ____________t______________________t_____________ _________________p_______________________S____________ _________________s________________________c___________ _________________n_______________________t____________ _________________e______________________o_____________ _________________i______________________h_____________ _________________t______________________c_____________ ___________ ____________r______________________l_____________ _________________o______________________e_____________ _________________S______________________o_____________ _________________m_______________________s____________ _________________t______________________e_____________ _________________h________________________s___________ SB1865 Enrolled -40- LRB093 03738 JLS 11715 b ___________ ____________S______________________e_____________ _________________p______________________a_____________ _________________s______________________s_____________ _________________t______________________t_____________ _________________e_______________________t____________ _________________a______________________f_____________ _________________e______________________r_____________ _________________h______________________d_____________ _________________a______________________l_____________ _________________y_______________________t____________ __________________h_____________________t_____________ _________________D______________________a_____________ _________________r______________________t_____________ _________________r______________________o___ ____________n______________________a_____________ _________________r_______________________d____________ _________________i________________________o___________ _________________a______________________n_____________ __________________t_____________________o_____________ _________________i______________________e_____________ _________________c_______________________e____________ _________________n______________________._ ____________u______________________i_____________ _________________o______________________v_____________ __________________p______________________n____________ __________________u______________________h____________ _________________n_______________________S____________ _________________t_________________________f__________ _________________n______________________f_____________ _________________m______________________n_____________ _________________e______________________i_____________ _________________e______________________t_____________ _________________t________________________b___________ SB1865 Enrolled -41- LRB093 03738 JLS 11715 b ___________________r____________________t_____________ ___________________a____________________n_____________ _________________o______________________r_____________ _________________y______________________t___ ____________p______________________e_____________ _________________h______________________i_____________ _________________s______________________h_____________ __________________p_____________________i_____________ _________________e______________________f_____________ _________________j______________________d_____________ _________________d______________________h_____________ _________________b______________________g_____________ _________________h_______________________t____________ _________________e________________________A___________ __________________S_____________________p_____________ _________________ _______l________________________a___________ ____________i______________________t_____________ ____________e______________________l_____________ ____________i_____________________ _______h______________________s_____________ _____________t_______________________a___________ ____________d_______________________s____________ ____________b______________________i_____________ ____________r___ _______a______________________o_____________ ____________,______________________p_____________ ______________o____________________e_____________ ____________h_______________________t____________ ____________n________________________f___________ ____________d______________________n_____________ ____________p________________________s___________ ____________g______________________f____________ _______n______________________g_____________ SB1865 Enrolled -42- LRB093 03738 JLS 11715 b ____________v______________________e_____________ ____________e______________________e_____________ ____________n______________________i_____________ _____________F_____________________o_____________ ____________t______________________n_____________ ______________t______________________r___________ ____________a________________________e___________ ____________r______________________e_____________ _____________c_____________________n_____________ ____________e______________________e_____________ ____________f_______________________i____________ ____________a______________________i_____________ ____________u_______________________t____________ ____________a______________________s_____________ ____________e_______________________F_____ ____________c______________________a_____________ _________________e______________________d_____________ _________________t______________________r_____________ __________________f______________________a____________ _________________a______________________t_____________ _________________u______________________i_____________ _________________o______________________n_____________ _________________p_______________________t____________ _________________t________________________a___________ _________________f______________________y_____________ _________________o______________________h_____________ _________________d______________________e_____________ _________________n______________________n_____________ _________________e______________________e_____________ _________________n______________________d_____________ _________________l______________________I_____________ _________________a______________________c_____________ _________________e_______________________d____________ _________________r______________________t_____________ SB1865 Enrolled -43- LRB093 03738 JLS 11715 b _________________u______________________S_____________ _________________d______________________t_____________ _________________p______________________s_____________ _________________l______________________l_____________ __________________c______________________d____________ _________________t______________________d_____________ ____________ ____________l______________________b_____________ _________________i______________________l_____________ _________________e______________________o_____________ _________________w______________________e_____________ _________________s________________________i___________ _________________d______________________e_____________ _________________f______________________n_____________ _________________i______________________l_____________ _________________i____________ ____________e______________________d_____________ __________________t_______________________i___________ _________________u______________________l_____________ _________________r______________________e_____________ _________ ____________s______________________s_____________ _________________r_______________________c____________ _________________e______________________n_____________ _________________n_______________________p____________ _________________d______________________r_____________ _________________l_________________ _______________i___________________l_____________ _________________o________________________b___________ __________________p______________________f____________ __________________b________________________f__________ _________________i______________________t_____________ _________________e________________________b___________ _________________r_______________________a____________ SB1865 Enrolled -44- LRB093 03738 JLS 11715 b _________________t______________________a_____________ __________________t______________________t____________ __________________p_____________________w_____________ _________________t______________________i_______ The court shall further have jurisdiction and authority, in addition to the penalties and other remedies in this Act provided, to enter an order for the appointment of the court or a person as a receiver, conservator, ancillary receiver or ancillary conservator for the defendant or the defendant's assets located in this State, or to require restitution, damages or disgorgement of profits on behalf of the person or persons injured by the act or practice constituting the subject matter of the action, and may assess costs against the defendant for the use of the State;
SB1865 Engrossed -45- LRB093 03738 JLS 11715 b K.
SB1865 Enrolled -45- LRB093 03738 JLS 11715 b K.
(2) The cooperation authorized by paragraph (1) of this SB1865 Engrossed -46- LRB093 03738 JLS 11715 b subsection includes, but is not limited to, the following:
(2) The cooperation authorized by paragraph (1) of this SB1865 Enrolled -46- LRB093 03738 JLS 11715 b subsection includes, but is not limited to, the following:
137.12) SB1865 Engrossed -47- LRB093 03738 JLS 11715 b Sec.
137.12) SB1865 Enrolled -47- LRB093 03738 JLS 11715 b Sec.
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To obtain money or property through the sale of securities by means of any untrue statement of a material fact or any omission to state a material fact necessary in SB1865 Engrossed -48- LRB093 03738 JLS 11715 b order to make the statements made, in the light of the circumstances under which they were made, not misleading.
To obtain money or property through the sale of securities by means of any untrue statement of a material fact or any omission to state a material fact necessary in SB1865 Enrolled -48- LRB093 03738 JLS 11715 b order to make the statements made, in the light of the circumstances under which they were made, not misleading.
or (3) To engage in any act, practice, or course of SB1865 Engrossed -49- LRB093 03738 JLS 11715 b business that is fraudulent, deceptive, or manipulative.
or (3) To engage in any act, practice, or course of SB1865 Enrolled -49- LRB093 03738 JLS 11715 b business that is fraudulent, deceptive, or manipulative.
SB1865 Engrossed -50- LRB093 03738 JLS 11715 b C.
SB1865 Enrolled -50- LRB093 03738 JLS 11715 b C.
Any person who shall be convicted of a second or any subsequent offense specified in subsection A, B, C, D, or paragraph (3) of subsection K of Section 12 of this Act shall be guilty of a Class 3 felony, and any person who shall be convicted of a second or any subsequent offense specified in subsection E, F, G, H, I, J, or paragraph (1) or (2) of subsection K of Section 12 of this Act shall be guilty of a SB1865 Engrossed -51- LRB093 03738 JLS 11715 b Class 2 felony.
Any person who shall be convicted of a second or any subsequent offense specified in subsection A, B, C, D, or paragraph (3) of subsection K of Section 12 of this Act shall be guilty of a Class 3 felony, and any person who shall be convicted of a second or any subsequent offense specified in subsection E, F, G, H, I, J, or paragraph (1) or (2) of subsection K of Section 12 of this Act shall be guilty of a SB1865 Enrolled -51- LRB093 03738 JLS 11715 b Class 2 felony.
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Action History

  1. Public Act . . . . . . . . . 93-0580

  2. Effective Date August 21, 2003

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. Third Reading - Short Debate - Passed 107-008-000

  7. Placed on Calendar Order of 3rd Reading - Short Debate

  8. Second Reading - Short Debate

  9. Added Alternate Chief Co-Sponsor Rep. Eddie Washington

  10. Held on Calendar Order of Second Reading - Short Debate

  11. Second Reading - Short Debate

  12. Placed on Calendar 2nd Reading - Short Debate

  13. Do Pass / Short Debate State Government Administration Committee; 009-001-000

  14. Committee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003

  15. Remains in State Government Administration Committee

  16. Motion Do Pass - Lost State Government Administration Committee; by Voice Vote

  17. Assigned to State Government Administration Committee

  18. Referred to Rules Committee

  19. First Reading

  20. Chief House Sponsor Rep. Robert S. Molaro

  21. Placed on Calendar Order of First Reading

  22. Arrived in House

  23. Third Reading - Passed; 056-000-000

  24. Added as Chief Co-Sponsor Sen. Barack Obama

  25. Third Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.

  26. Placed on Calendar Order of 3rd Reading March 24, 2003

  27. Senate Floor Amendment No. 1 Adopted; Welch

  28. Second Reading

  29. Fiscal Note Filed

  30. Senate Floor Amendment No. 1 Be Adopted Executive; 012-000-000

  31. Fiscal Note Requested by Sen. Peter J. Roskam

  32. Senate Floor Amendment No. 1 Rules Refers to Executive

  33. Added as Co-Sponsor Sen. Barack Obama

  34. Senate Floor Amendment No. 1 Referred to Rules

  35. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Patrick Welch

  36. Placed on Calendar Order of 2nd Reading March 11, 2003

  37. Do Pass Executive; 012-000-000

  38. Assigned to Executive

  39. Referred to Rules

  40. First Reading

  41. Chief Co-Sponsor Sen. Susan Garrett

  42. Filed with Secretary by Sen. Patrick Welch

Sponsors

  • Patrick Welch · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Patrick Welch

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 107 Yea · 8 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 95803
Democrat 9000
Republican 3000
Total 107803
% of votes cast 91%7%0%3%
How each member voted (118)
Member Party Vote
Saviano — Yea
Schmitz — Yea
Scully — Yea
Slone — Yea
Sommer — Yea
Soto — Yea
Lang — Yea
Acevedo — Yea
Aguilar — Yea
Bassi — Yea
Mathias — Yea
Beaubien — Yea
Bellock — Nay
Berrios — Yea
Mautino — Yea
Biggins — Yea
Black — Yea
Boland — Yea
May — Yea
Bost — Yea
Brauer — Yea
Brosnahan — Yea
Capparelli — Yea
Mendoza — Yea
Moffitt — Yea
Dunkin — Yea
Flider — Yea
Eddy — Not Voting
Munson — Yea
Hamos — Yea
Holbrook — Yea
Jefferson — Yea
Novak — Yea
Osterman — Yea
Krause — Yea
McCarthy — Yea
McKeon — Yea
Meyer — Yea
McGuire — Yea
Millner — Yea
Molaro — Yea
Morrow — Yea
Myers — Yea
Nekritz — Yea
Bradley, Richard — Yea
O'Brien — Yea
Osmond — Yea
Tenhouse — Yea
Turner — Yea
Mitchell, Bill — Yea
Hannig — Yea
Burke — Yea
Mitchell, Jerry — Yea
Verschoore — Yea
Wait — Yea
Sullivan — Yea
Washington — Yea
Winters — Yea
Yarbrough — Yea
Younge — Yea
Howard — Yea
Watson — Yea
Jones — Yea
Davis, Monique — Yea
Churchill — Yea
Colvin — Yea
Cross — Yea
Currie — Yea
Daniels — Yea
Franks — Yea
Fritchey — Yea
Froehlich — Yea
Giles — Yea
Graham — Yea
Granberg — Yea
Grunloh — Yea
Hassert — Yea
Hultgren — Yea
Jakobsson — Yea
Kosel — Yea
Davis, Steve — Yea
Lyons, Eileen — Nay
Kurtz — Nay
Brady — Nay
Madigan — Yea
Mulligan — Not Voting
Pankau — Nay
Wirsing — Nay
Coulson — Not Voting
Cultra — Nay
Leitch — Yea
Lindner — Yea
McAuliffe — Yea
Bailey — Yea
Lyons, Joseph — Yea
Reitz — Yea
Phelps — Yea
Dunn — Yea
Flowers — Yea
Forby — Yea
Parke — Yea
Pihos — Yea
Poe — Yea
Ryg — Yea
Sacia — Nay
Chapa LaVia — Yea
Eva-Dina Delgado Democrat Yea
Jay Hoffman Democrat Yea
Lakesia Collins Democrat Yea
Michael J. Kelly Democrat Yea
Nicholas K. Smith Democrat Yea
Patrick J. Joyce Democrat Yea
Robert "Bob" Rita Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea

Official roll call →

Third Reading

Passed 56 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 48003
Democrat 7000
Republican 1000
Total 56003
% of votes cast 95%0%0%5%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Silverstein — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Burzynski — Yea
Cronin — Yea
Haine — Yea
Halvorson — Yea
Sieben — Yea
Munoz — Yea
Lauzen — Not Voting
Sullivan, D. — Yea
Link — Yea
Brady — Yea
Sullivan, J. — Yea
Petka — Yea
Luechtefeld — Yea
Maloney — Yea
Meeks — Not Voting
Obama — Yea
Jacobs — Yea
Jones, J. — Yea
Jones, W. — Yea
Watson — Yea
Cullerton — Yea
Schoenberg — Yea
Demuzio — Yea
Shadid — Yea
Trotter — Yea
Viverito — Yea
Winkel — Yea
Clayborne — Yea
Crotty — Yea
DeLeo — Yea
Dillard — Yea
Garrett — Yea
Geo-Karis — Yea
Hendon — Yea
Wojcik — Yea
Woolard — Yea
Peterson — Yea
Philip — Not Voting
Radogno — Yea
Rauschenberger — Yea
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 1865 do?
Amends the Illinois Securities Law of 1953. Authorizes the Secretary of State to appoint special agents and investigators to conduct investigations. Grants to those agents police power with respect to the enforcement of the Illinois Securities Law of 1953 and any other law administered by the Illinois Securities Department. Provides that registration under the Securities Law may be denied or revoked if the registrant has engaged in any unethical practice in connection with any security rather than the offer or sale of securities. Provides for the seizure and forfeiture of assets obtained in violation of the Securities Law. Effective immediately.
Who sponsors SB 1865?
SB 1865 is sponsored by Patrick Welch.
What is the current status of SB 1865?
This bill has been enacted into law. Introduced February 20, 2003. Enacted.
Where can I track SB 1865?
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