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H.B. 349 Enrolled

                 

MONEY MANAGEMENT ACT AMENDMENTS

                 
2005 GENERAL SESSION

                 
STATE OF UTAH

                 
Chief Sponsor: David Clark

                 
Senate Sponsor: John W. Hickman

                 
                  LONG TITLE
                  General Description:
                      This bill modifies a criminal provision in the State Money Management Act.
                  Highlighted Provisions:
                      This bill:
                      .    amends the State Money Management Act to provide that a certified investment
                  adviser's violation of rules and orders under the act must be intentional in order for a
                  criminal penalty to apply.
                  Monies Appropriated in this Bill:
                      None
                  Other Special Clauses:
                      None
                  Utah Code Sections Affected:
                  AMENDS:
                      51-7-22.4, as enacted by Chapter 248, Laws of Utah 2004
                 
                  Be it enacted by the Legislature of the state of Utah:
                      Section 1. Section 51-7-22.4 is amended to read:
                       51-7-22.4. Penalties for violation by certified investment advisers.
                      (1) Each certified investment adviser who intentionally violates Section 51-7-7 ,
                  51-7-11 , or 51-7-11.5 , or who [willfully] intentionally violates any rule or order under this
                  chapter is guilty of a third degree felony.
                      (2) In addition to any other penalty for a criminal violation of this chapter, the


                  sentencing judge may impose any penalty or remedy provided for in Subsection 51-7-22.5 (1)(b).


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