PARKER-PHILIP-MYERS,J-MAHAR, LUECHTEFELD, HALVORSON,
OBAMA AND KEHOE.
Synopsis of Bill as introduced:
Amends the Illinois Securities Law of 1953. Provides that, with
respect to a federal covered investment adviser, "investment adviser
representative" means any person who is an investment adviser
representative with a place of business in this State as such terms
are defined pursuant to the federal Investment Advisers Act of 1940.
Prohibits unsolicited telephone calls to offer or sell securities
unless the caller identifies himself or herself and the purpose of the
call and unless the call is made within certain time periods. Makes a
violation of certain provisions of the Law by use of a plan, program,
or campaign that is conducted using one or more telephones for the
purpose of inducing the purchase or sale of securities a Class 2
felony. Makes inducement, in the course of violating certain
provisions of the Law, of a person 60 years of age or older to
purchase or sell securities a Class 2 felony. Effective immediately.
Last action on Bill: PUBLIC ACT.............................. 90-0667
Last action date: 98-07-30
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status