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Glossary of Legislative Terms

CS/SB 180: Regulation of Securities

GENERAL BILL by Banking and Insurance ; Gruters

Regulation of Securities; Requiring the Financial Services Commission to define the term “accredited investor” by rule; revising requirements for the registration of securities; revising grounds on which the office may revoke, suspend, or deny the registration of securities; specifying continuing education requirements for associated persons of investment advisers and federal covered advisers; authorizing the commission to establish rules of conduct and prohibited business practices for intermediaries, etc.

Effective Date: 10/1/2023
 Last Action: 6/13/2023 - Chapter No. 2023-205
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Appropriations Committee on Agriculture, Environment, and General Government (AEG)
  3. Fiscal Policy (FP)

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  • Bill History

    Date Chamber Action
    1/12/2023 Senate • Filed
    1/26/2023 Senate • Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
    3/7/2023 Senate • Introduced
    3/24/2023 Senate • On Committee agenda-- Banking and Insurance, 03/29/23, 8:30 am, 412 Knott Building
    3/29/2023 Senate • CS by Banking and Insurance; YEAS 11 NAYS 0
    3/31/2023 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    • Now in Appropriations Committee on Agriculture, Environment, and General Government
    • CS by Banking and Insurance read 1st time
    4/13/2023 Senate • On Committee agenda-- Appropriations Committee on Agriculture, Environment, and General Government, 04/18/23, 12:00 pm, 110 Senate Building
    4/18/2023 Senate • Favorable by Appropriations Committee on Agriculture, Environment, and General Government; YEAS 13 NAYS 0
    4/19/2023 Senate • Now in Fiscal Policy
    4/20/2023 Senate • On Committee agenda-- Fiscal Policy, 04/25/23, 10:00 am, 412 Knott Building
    4/25/2023 Senate • Favorable by- Fiscal Policy; YEAS 19 NAYS 0
    4/26/2023 Senate • Placed on Calendar, on 2nd reading
    • Placed on Special Order Calendar, 04/28/23
    4/28/2023 Senate • Read 2nd time -SJ 600
    • Amendment(s) adopted (511822) -SJ 600
    • Read 3rd time -SJ 601
    • CS passed as amended; YEAS 39 NAYS 0 -SJ 601
    4/28/2023 House • In Messages
    • Bill referred to House Calendar
    • Bill added to Special Order Calendar (5/1/2023)
    • 1st Reading (Engrossed 1)
    5/1/2023 House • Read 2nd time
    • Placed on 3rd reading
    • Added to Third Reading Calendar
    5/2/2023 House • Read 3rd time
    • CS passed; YEAS 117, NAYS 0
    5/2/2023 Senate • Ordered enrolled
    6/5/2023 • Signed by Officers and presented to Governor
    6/9/2023 • Approved by Governor
    6/13/2023 • Chapter No. 2023-205

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  • CS/SB 180, Enrolled (Current Bill Version) Posted 5/2/2023 at 1:10 PM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 253 (c2) Regulation of Securities Insurance & Banking Subcommittee Identical Last Action: 5/1/2023 H Laid on Table; companion bill(s) passed, see CS/SB 180 (Ch. 2023-205) Track This Bill

    Citations - Statutes (22)

    Citation Catchline Location in Bill Location In Bill Help
    517.021 Definitions. Page 3 (pdf)
    517.061 Exempt transactions. Page 55 (pdf)
    517.0611 Intrastate crowdfunding. Page 56 (pdf)
    517.072 Viatical settlement investments. Page 16 (pdf)
    517.075 Cuba, prospectus disclosure of doing business with, required. Page 57 (pdf)
    517.081 Registration procedure. Page 16 (pdf)
    517.082 Notification registration. Page 20 (pdf)
    517.111 Revocation or denial of registration of securities. Page 22 (pdf)
    517.12 Registration of dealers, associated persons, intermediaries, and investment advisers. Page 25 (pdf)
    517.1205 Registration of associated persons specific as to securities dealer, investment adviser, or federal covered adviser identified at time of registration approval. Page 60 (pdf)
    517.1214 Page 37 (pdf)
    517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons. Page 54 (pdf)
    517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons. Page 40 (pdf)
    517.131 Securities Guaranty Fund. Page 57 (pdf)
    517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, intermediary, or associated person. Page 40 (pdf)
    517.181 Escrow agreement. Page 45 (pdf)
    517.201 Investigations; examinations; subpoenas; hearings; witnesses. Page 45 (pdf)
    517.211 Remedies available in cases of unlawful sale. Page 58 (pdf)
    517.315 Fees. Page 59 (pdf)
    626.9911 Definitions. Page 59 (pdf)
    744.351 Bond of guardian. Page 60 (pdf)
    921.0022 Criminal Punishment Code; offense severity ranking chart. Page 46 (pdf)

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  • CS/SB 180, Engrossed 1 Posted 4/28/2023 at 11:41 AM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 253 (c2) Regulation of Securities Insurance & Banking Subcommittee Identical Last Action: 5/1/2023 H Laid on Table; companion bill(s) passed, see CS/SB 180 (Ch. 2023-205) Track This Bill

    Floor Votes (1)

    Date Chamber Result
    5/2/2023 12:07 PM House 117 Yeas - 0 Nays

    Citations - Statutes (22)

    Citation Catchline Location in Bill Location In Bill Help
    517.021 Definitions. Page 3 (pdf)
    517.061 Exempt transactions. Page 55 (pdf)
    517.0611 Intrastate crowdfunding. Page 56 (pdf)
    517.072 Viatical settlement investments. Page 16 (pdf)
    517.075 Cuba, prospectus disclosure of doing business with, required. Page 57 (pdf)
    517.081 Registration procedure. Page 16 (pdf)
    517.082 Notification registration. Page 20 (pdf)
    517.111 Revocation or denial of registration of securities. Page 22 (pdf)
    517.12 Registration of dealers, associated persons, intermediaries, and investment advisers. Page 25 (pdf)
    517.1205 Registration of associated persons specific as to securities dealer, investment adviser, or federal covered adviser identified at time of registration approval. Page 60 (pdf)
    517.1214 Page 37 (pdf)
    517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons. Page 54 (pdf)
    517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons. Page 40 (pdf)
    517.131 Securities Guaranty Fund. Page 57 (pdf)
    517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, intermediary, or associated person. Page 40 (pdf)
    517.181 Escrow agreement. Page 45 (pdf)
    517.201 Investigations; examinations; subpoenas; hearings; witnesses. Page 45 (pdf)
    517.211 Remedies available in cases of unlawful sale. Page 58 (pdf)
    517.315 Fees. Page 59 (pdf)
    626.9911 Definitions. Page 59 (pdf)
    744.351 Bond of guardian. Page 60 (pdf)
    921.0022 Criminal Punishment Code; offense severity ranking chart. Page 46 (pdf)

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  • CS/SB 180, Committee Substitute 1 Posted 3/31/2023 at 9:15 AM

    Bill Text:   Web Page | PDF
    Analyses:   Appropriations Committee on Agriculture, Environment, and General Government (Pre-Meeting) 4/17/2023 (pdf)
    Appropriations Committee on Agriculture, Environment, and General Government (Post-Meeting) 4/19/2023 (pdf)
    Fiscal Policy (Pre-Meeting) 4/24/2023 (pdf)
    Fiscal Policy (Post-Meeting) 4/26/2023 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 253 (c2) Regulation of Securities Insurance & Banking Subcommittee Similar Last Action: 5/1/2023 H Laid on Table; companion bill(s) passed, see CS/SB 180 (Ch. 2023-205) Track This Bill

    Floor Amendments (1)

    Amendment Sponsor Filed Last Floor Action Format
    511822 - Amendment
    Between lines 972 and 973 insert:     		Gruters 4/27/2023
    10:54 AM     		Senate: Adopted
    4/28/2023     		Web Page
    PDF

    Committee Votes (2)

    Date Committee Result
    4/18/2023 12:00 PM Appropriations Committee on Agriculture, Environment, and General Government 13 Yeas - 0 Nays
    4/25/2023 10:00 AM Fiscal Policy 19 Yeas - 0 Nays

    Floor Votes (1)

    Date Chamber Result
    4/28/2023 10:18 AM Senate 39 Yeas - 0 Nays

    Citations - Statutes (22)

    Citation Catchline Location in Bill Location In Bill Help
    517.021 Definitions. Page 3 (pdf)
    517.061 Exempt transactions. Page 53 (pdf)
    517.0611 Intrastate crowdfunding. Page 53 (pdf)
    517.072 Viatical settlement investments. Page 16 (pdf)
    517.075 Cuba, prospectus disclosure of doing business with, required. Page 54 (pdf)
    517.081 Registration procedure. Page 16 (pdf)
    517.082 Notification registration. Page 20 (pdf)
    517.111 Revocation or denial of registration of securities. Page 22 (pdf)
    517.12 Registration of dealers, associated persons, intermediaries, and investment advisers. Page 25 (pdf)
    517.1205 Registration of associated persons specific as to securities dealer, investment adviser, or federal covered adviser identified at time of registration approval. Page 57 (pdf)
    517.1214 Page 34 (pdf)
    517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons. Page 52 (pdf)
    517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons. Page 37 (pdf)
    517.131 Securities Guaranty Fund. Page 54 (pdf)
    517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, intermediary, or associated person. Page 38 (pdf)
    517.181 Escrow agreement. Page 42 (pdf)
    517.201 Investigations; examinations; subpoenas; hearings; witnesses. Page 42 (pdf)
    517.211 Remedies available in cases of unlawful sale. Page 55 (pdf)
    517.315 Fees. Page 56 (pdf)
    626.9911 Definitions. Page 57 (pdf)
    744.351 Bond of guardian. Page 57 (pdf)
    921.0022 Criminal Punishment Code; offense severity ranking chart. Page 44 (pdf)

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  • SB 180, Original Filed Version Posted 1/12/2023 at 12:50 PM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance (Pre-Meeting) 3/29/2023 (pdf)
    Banking and Insurance (Post-Meeting) 4/11/2023 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 253 (c1) Regulation of Securities Insurance & Banking Subcommittee Compare Last Action: 5/1/2023 H Laid on Table; companion bill(s) passed, see CS/SB 180 (Ch. 2023-205) Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    491330 - Amendment (Delete All)
    Delete everything after the enacting clause and insert:     		Banking and Insurance
    (Gruters)     		3/28/2023
    8:04 AM     		Replaced by Committee Substitute
    3/31/2023     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    3/29/2023 8:30 AM Banking and Insurance 11 Yeas - 0 Nays

    Citations - Statutes (25)

    Citation Catchline Location in Bill Location In Bill Help
    517.021 Definitions. Page 4 (pdf)
    517.051 Exempt securities. Page 91 (pdf)
    517.061 Exempt transactions. Page 20 (pdf)
    517.0611 Intrastate crowdfunding. Page 35 (pdf)
    517.065 Page 45 (pdf)
    517.072 Viatical settlement investments. Page 48 (pdf)
    517.075 Cuba, prospectus disclosure of doing business with, required. Page 93 (pdf)
    517.081 Registration procedure. Page 49 (pdf)
    517.082 Notification registration. Page 52 (pdf)
    517.111 Revocation or denial of registration of securities. Page 55 (pdf)
    517.12 Registration of dealers, associated persons, intermediaries, and investment advisers. Page 57 (pdf)
    517.1214 Page 67 (pdf)
    517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons. Page 92 (pdf)
    517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons. Page 70 (pdf)
    517.131 Securities Guaranty Fund. Page 93 (pdf)
    517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, intermediary, or associated person. Page 73 (pdf)
    517.1611 Guidelines. Page 78 (pdf)
    517.181 Escrow agreement. Page 78 (pdf)
    517.191 Injunction to restrain violations; civil penalties; enforcement by Attorney General. Page 79 (pdf)
    517.201 Investigations; examinations; subpoenas; hearings; witnesses. Page 80 (pdf)
    517.211 Remedies available in cases of unlawful sale. Page 94 (pdf)
    517.315 Fees. Page 95 (pdf)
    626.9911 Definitions. Page 95 (pdf)
    744.351 Bond of guardian. Page 96 (pdf)
    921.0022 Criminal Punishment Code; offense severity ranking chart. Page 81 (pdf)

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