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[¶6431] UNIFORM SECURITIES ACT OF 2002 Please Note: 1. The Model Uniform Securities Act of 1956 (Law and Explanation) is contained in the print version of the Blue Sky Law Reporter starting at page 1501. [¶5500—¶5573]. The Model Uniform Securities Act of 2002 (Law and Explanation) is contained in the print version of the Blue Sky Law Reporter starting at page 1596. [¶5600—¶5653]. The Model Uniform Securities Act of 1956 and 2002 (Law and Explanation) are both contained in the online version of the Blue Sky Law Reporter. 2. The Smart Chart product in the online version of the Blue Sky Law Reporter contains a Uniform Securities Act of 2002 chart in a format that functions like a table of contents. For each state adopting USA 2002, the smart chart contains the number for each statutory section, the title of the statutory section, and the linkable CCH paragraph number to the official full text of the statutory section. If corresponding rules are adopted, the smart chart contains each rule number, the rule title, and the linkable CCH paragraph number to the official full text of the rule. Lastly, if corresponding policy statements or administrative orders are adopted, the smart chart contains the title of the policy statement or administrative order and the linkable CCH paragraph number to the official full text of the policy statement or administrative order. History of the Uniform Securities Act of 2002. The National Conference of Commission on Uniform State Laws (NCCUSL) approved the Uniform Securities Act (2002) (2002 Act) at its annual meeting in Tucson Arizona on August 5, 2002. The 2002 Act is designed to replace in full the two earlier versions of the Uniform Securities Act Currently in existence: The Uniform Securities Act (1956) (1956 Act) and the Uniform Securities Act (1985) With 1988 Amendments (1985 Act). To date, the more widely accepted 1956 Act has been adopted, in whole or in part, by 37 jurisdictions, while only a handful of jurisdictions have adopted the 1985 Act. Both Acts, moreover, have been partially preempted by the National Securities markets Improvement Act of 1996 (NSMIA) and the Securities Litigation Uniform Standards Act of 1998 (SLUSA). The effect of this federal preemptive legislation combined with rapidly advancing technologi- cal change in securities trading and regulation and an almost geometric growth in interstate and global securities activities to create a compelling need to modernize the Uniform Securities Act. Considering it imprudent, given the different versions of the Act adopted by the states and the desire to create uniformity across all jurisdictions, NCCUSL made no attempt either the 1956 Act or the 1985 Act. Related regulations and guidelines have likewise not been codified or appended to the new Act. The 2002 Act therefore is a completely fresh Act. Two profound difficulties confronted NCCUSL as it attempted to craft the 2002 Act. First, believing that the 1985 Act’s success had been limited as a result of dissonance between the myriad concerned interest groups, it was imperative that the drafters create an Act that would receive a broad consensus of approval. With the passage of NSMIA in 1996 and the concomitant preemption of certain aspects of Blue Sky Law with regard to federal covered securities, however, a window opened to allow the drafting of an Act in a slightly less contentious environment. Consensus building nonetheless remained the stiffest challenge facing NCCUSL as it create the new Act. Second, NCCUSL faced the additional, and daunting, challenge of pending and Act capable of creating uniformity among the states, in addition to harmony with the applicable federal laws. The difficulty of this task, moreover, was compounded by the fact that the states then had almost 50 years of experience with the 1956 Act and had, over time, created

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2532 Finding Lists 1333 7-2009 unique local solutions to various securities issues. The drafters were ever mindful of this reality and attempted to instill flexibility into the Act. Finally the 2002 Act contains three basic underlying principles or themes. First, the theme of uniformity and the coordination of states and local securities law is empha- sized throughout the Act. Section 608, for example, more specifically elucidates the objectives of uniformity and cooperation than does the 1956 Act’s Section 415. Second, the new designed to operate in conjunction with NSMIA. New definitions have been included and provisions implemented to accommodate several NSMIA-borne securities registration exemptions. Third, the Act embodies the goal of facilitating electronic record keeping, electronic signatures and electronic filings such as the Investments Adviser Registration Depository (IARD) and Central Registration Depository (Web- CRD). What follows in the table below is the list of 54 jurisdictions and, for each jurisdiction having adopted the Uniform Securities Act of 2002, the Bill number or citation to the state Securities Act, the effective date of the state Securities Act, the number for the Report Letter in the Blue Sky Reporter containing the story that summarizes each section of the state securities Act as each section compares to its counterpart section in the Model Uniform Securities Act of 2002, and lastly in the same column, the number for the Report Letter in the Blue Sky Reporter containing the story that summarizes any corresponding proposed or adopted rules and/or policy state- ments or administrative orders.

Jurisdiction Bill No. or Citation for State Securities Effective Date of State Securities Act Report No. in Blue Sky Law Reporter for Act Story summarizing State Securities Act Provisions and Report No. in Blus Sky Law Reporter for story summariziing any corresponding proposed or adopted rules and/or policy statements or administrative orders

ALA.

ALAS.

ARIZ.

ARK.

CAL.

COLO.

CONN.

DEL.

D.C.

FLA.

GA. Laws 2007/2008, SB 358, Ch. 5 July 1, 2009 Laws: 1310 (7/25/2008) Ga. Code Ann. §10-5-1-10-5-90 Rules: Not Yet Proposed; Note: Thirteen administrative orders at ¶18,531— ¶18,543 coordinating with the new Georgia Act, 1333 (7/1/2009)

HAW. Laws 2006, SB 743, Ch. 229 July 1, 2008 Laws: 1261 (7/14/2006) Rules: Adopted Haw. Rev. Stat. §§ 485A-101-485A-701 1309 (7/11/2008)

IDA. Laws 2004, SB 1277, Ch. 14 September 1, 2004 Laws: 1218 (9/23/2004) Idaho Code §§ 30-14-101—30-14-703 Rules: Adopted 1218 (9/23/2004)

ILL.

IND. Laws 2007, HB 1555, Art. 19 July 1, 2008 Laws: 1282 (5/18/2007) Ind. Code §§ 23-19-1-23-19-1.5 Rules: Proposed 1325 (3/13/2009)

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Jurisdiction Bill No. or Citation for State Securities Effective Date of State Securities Act Report No. in Blue Sky Law Reporter for Act Story summarizing State Securities Act Provisions and Report No. in Blus Sky Law Reporter for story summariziing any corresponding proposed or adopted rules and/or policy statements or administrative orders

IOWA Laws 2004, HF 2557, Ch. 502 January 1, 2005 Laws: 1224 (12/29/2004) Iowa Code §§ 502.101-502.612 Rules: Adopted 1286 (7/27/2007)

KAN. Laws 2006, HB 2663, Ch. 12 July 1, 2005 Laws: 1229 (3/4/2005) Kan. Stat. Ann. §§ 17-12a101-17-12a703 Rules: Adopted 1264 (8/25/2006) and Adopted 1274 (1/26/2007); Note: See also ¶26,628 ‘‘ Special order Adopting exemptions under the Kansas Uniform Securities Act, L 2004, Ch. 154 ’’ and ¶26,629 ‘‘ Special order applying existing regulations to the Kansas Uniform Securities Act, L. 2004, Ch. 154.

KY.

LA.

ME. Laws 2005, HP 384/LD 509 Ch. 135 32 December 31, 2005 Laws: 1236 (6/17/2005) Me. Rev. Stat. Ann. §§ 16101-16702 Rules: Adopted 1249 (1/13/2006)

MD.

MASS.

MICH. Laws 2008, HB 5008, Act 551 October 1, 2009 Laws: 1330 (5/29/2009) Mich. Comp. Laws §§ Rules: Not Yet Proposed 451.2101-451.2703

MINN. Laws 2006, HF 2514 August 1, 2007 Laws: 1259 (6/9/2006) Minn. Stat. §§ 80A.40-80A.90 Rules: Proposed 1323 (2/13/2009) Note: See also ¶33,610 ’’Interim guidelines related to the Minnesota Securities Act effective on August 1, 2007.‘‘

MISS. Laws 2009, HB 781, Ch. 71 January 1, 2010 Laws: 1328 (4/24/2009) Rules: Not Yet Proposed

MO. Laws 2003, HB 380, Ch. 409 September 1, 2003 Laws: 1188 (6/23/2003) Mo. Rev. Stat. §§ 409.1-101-409.7-703 Rules: Adopted 1196 (10/20/2003) and Adopted 1203 (2/11/2004)

MONT.

NEB.

NEV.

N.H.

N.J.

N.M. Laws 2009, SB 362, Ch. 82 January 1, 2010 Laws: 1328 (4/24/2009) Rules: Not Yet Proposed

N.Y.

N.C.

N.D.

OHIO

OKLA. Laws 2003, SB 724, Ch. 347 July 1, 2004 Laws: 1212 (6/24/2004) Okla. Stat. tit. 71, §§ 1-101-1-701 Rules: Adopted 1213 (7/16/2004)

ORE.

PENN.

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Jurisdiction Bill No. or Citation for State Securities Effective Date of State Securities Act Report No. in Blue Sky Law Reporter for Act Story summarizing State Securities Act Provisions and Report No. in Blus Sky Law Reporter for story summariziing any corresponding proposed or adopted rules and/or policy statements or administrative orders

R.I.

S.C. Laws 2005/2006, SB 588, Ch. 1 January 1, 2006 Laws: 1241 (9/9/2005) S.C. Code Ann. §§ 35-1-101-35-1-702 Rules: Adopted 1250 (1/27/2006)

S.D. Laws 2004, SB 38 July 1, 2004 Laws: 1214 (7/29/2004) S.D. Codified Laws §§ Rules: Adopted 1215 (8/12/2004) 47-31B-101-47-31B-703

TENN.

TEX.

UTAH

VT. Laws 2005, Act 11, Ch. 150 July 1, 2006 Laws: 1244 (10/21/2005) Vt. Stat. Ann. tit. 9, §§ 5101-5615 Rules: Not Yet Proposed; Note: Policy statements/administrative orders were readopted July 1, 2006 at ¶58,473 to coordinate with the Vt. Act; See also ¶58,474 ’’Securities laws enacted during the 2007 legislative session ‘‘.

VA.

V.I. Laws 2003, B 59, Act 6678, Ch. 23 February 12, 2005 Laws: 1223 (12/10/2004) V.I. Code Ann., tit. 9, §§ 601-672 Rules: Not Yet Proposed; Note: No rules in U.S. Virgin Islands; instead, administrative orders at ¶60,901— ¶60,917 adopted in 2005/2006 coordinate with the V.I. Act.

WASH.

W. VA.

WIS. Laws 2008, SB 483, Act 196, Ch. 551 January 1, 2009 Laws: 1305 (5/16/2008) Wis. Stat. §§ 551.101-551.703 Rules: Adopted 1320 (12/19/2008)

WYO.

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