House Bill 2143e1

                                          HB 2143, First Engrossed



  1                      A bill to be entitled

  2         An act relating to remedies for unlawful sales

  3         of securities; amending s. 517.211, F.S.;

  4         limiting the provision of remedies for the

  5         unlawful sale of certain sales of securities

  6         under certain circumstances; providing an

  7         effective date.

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  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Subsection (1) of section 517.211, Florida

12  Statutes, is amended to read:

13         517.211  Remedies available in cases of unlawful

14  sale.--

15         (1)  Every sale made in violation of either s. 517.07

16  or s. 517.12(1), (4), (5), (9), (11), (13), (16), or (18) may

17  be rescinded at the election of the purchaser, except a sale

18  made in violation of the provisions of s. 517.12(11) relating

19  to a renewal of a branch office registration shall not be

20  subject to this section and a sale made in violation of the

21  provisions of s. 517.12(13) relating to filing a change of

22  address amendment shall not be subject to this section. Each;

23  and the person making the sale and every director, officer,

24  partner, or agent of or for the seller, if the director,

25  officer, partner, or agent has personally participated or

26  aided in making the sale, is jointly and severally liable to

27  the purchaser in an action for rescission, if the purchaser

28  still owns the security, or for damages, if the purchaser has

29  sold the security. No purchaser otherwise entitled will have

30  the benefit of this subsection who has refused or failed,

31  within 30 days of receipt, to accept an offer made in writing


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CODING: Words stricken are deletions; words underlined are additions.






                                          HB 2143, First Engrossed



  1  by the seller, if the purchaser has not sold the security, to

  2  take back the security in question and to refund the full

  3  amount paid by the purchaser or, if the purchaser has sold the

  4  security, to pay the purchaser an amount equal to the

  5  difference between the amount paid for the security and the

  6  amount received by the purchaser on the sale of the security,

  7  together, in either case, with interest on the full amount

  8  paid for the security by the purchaser at the legal rate,

  9  pursuant to s. 55.03, for the period from the date of payment

10  by the purchaser to the date of repayment, less the amount of

11  any income received by the purchaser on the security.

12         Section 2.  This act shall take effect upon becoming a

13  law.

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