Senate Bill No. 358

Senate Bill No. 358-Committee on Judiciary

CHAPTER

192

AN ACT relating to securities; authorizing the electronic delivery of documents, applications and fees to the securities division of the office of the secretary of state; authorizing the administrator of the division, by order, to exempt certain securities and transactions from the requirement for registration; increasing the penalty for violating an order denying, suspending or revoking the effectiveness of registration or an order to cease and desist issued by the administrator; and providing other matters properly relating thereto.

[Approved June 25, 1997]

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

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Section 1. Chapter 90 of NRS is hereby amended by adding thereto the provisions set forth as sections 2 and 3 of this act.
Sec. 2. Any fee authorized or required to be collected by the provisions of this chapter may be paid using a system for the electronic transfer of payment that has been approved by the administrator by regulation or order.
Sec. 3. The administrator may, by regulation or order, approve systems for the electronic delivery of documents and applications to the administrator or his designee or to the principal office of the administrator.
Sec. 4. NRS 90.235 is hereby amended to read as follows:
90.235 1. "Filing" means [the] :
(a) The actual delivery of a document or application to the administrator or his designee or to the principal office of the administrator [.] ; or
(b) The electronic delivery of a document or application to the administrator or his designee or to the principal office of the administrator using a system that has been approved by the administrator.
2. "File" has a corresponding meaning.
Sec. 5. NRS 90.540 is hereby amended to read as follows:
90.540 [1.] The administrator by regulation or order may [exempt] :
1. Exempt any other security or transaction or class of securities or transactions from NRS 90.460 and 90.560.
2. [The administrator by regulation may adopt] Adopt a transactional exemption for limited offerings that will further the objectives of compatibility with the exemptions from securities registration authorized by the Securities Act of 1933 and uniformity among the states.
3. [The administrator by regulation may require] Require the filing of a notice and the payment of a fee not greater than $250 for an exemption adopted pursuant to this section.
Sec. 6. NRS 90.650 is hereby amended to read as follows:
90.650 1. A person who willfully violates [a] :
(a) A provision of this chapter, except NRS 90.600, or who violates NRS 90.600 knowing that the statement made is false or misleading in any material respect [, or who willfully violates a] ;
(b) A regulation adopted pursuant to this chapter [,] ; or
(c) An order denying, suspending or revoking the effectiveness of registration or an order to cease and desist issued by the administrator pursuant to this chapter,
is guilty of a category C felony and shall be punished as provided in NRS 193.130, or by a fine of not more than [$20,000,] $100,000, or by both fine and the punishment provided in NRS 193.130, for each violation. In addition to any other penalty, the court shall order the person to pay restitution.
2. [A person who willfully violates an order denying, suspending or revoking the effectiveness of registration or an order to cease and desist issued by the administrator under this chapter is guilty of a misdemeanor.
3.] A person convicted of violating a regulation or order under this chapter may be fined, but must not be imprisoned, if the person proves lack of knowledge of the regulation or order.
[4. Nothing in this chapter limits]
3. This chapter does not limit the power of the state to punish a person for conduct which constitutes a crime under other law.
Sec. 7. The amendatory provisions of section 6 of this act do not apply to offenses that are committed before October 1, 1997.
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