SB 1055 Requires sales representatives to disclose certain information regarding security brokers
LR Number:4495S.04I Fiscal Note:4495-04
Committee:Financial and Governmental Organization
Last Action:03/06/00 - Referred S Financial & Governmental Organizations Journal page:
Effective Date:August 28, 2000
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Current Bill Summary

SB 1055 - Out-of-state sales representatives are required to disclose to potential customers whether the broker-dealer they represent has been sanctioned or has had 3 or more customer complaints filed against it in the preceding three years.

This act also requires the Secretary of State to design an online system which will allows individuals to access the central registration depository database (a computer system operated by the National Association of Securities Dealers which maintains registration information on broker-dealers) and the National Association of Securities Dealer's web site through the Secretary of State's Internet site.