H.B. 349

1

MONEY MANAGEMENT ACT AMENDMENTS
2 2005 GENERAL SESSION
3 STATE OF UTAH
4 Sponsor: David Clark
5
6 LONG TITLE
7 General Description:
8 This bill modifies a criminal provision in the State Money Management Act.
9 Highlighted Provisions:
10 This bill:
11 . amends the State Money Management Act to provide that a certified investment
12 adviser's violation of rules and orders under the act must be willful in order for a
13 criminal penalty to apply.
14 Monies Appropriated in this Bill:
15 None
16 Other Special Clauses:
17 None
18 Utah Code Sections Affected:
19 AMENDS:
20 51-7-22.4, as enacted by Chapter 248, Laws of Utah 2004
21
22 Be it enacted by the Legislature of the state of Utah:
23 Section 1. Section 51-7-22.4 is amended to read:
24 51-7-22.4. Penalties for violation by certified investment advisers.
25 (1) Each certified investment adviser who willfully violates Section 51-7-7 , 51-7-11 , or
26 51-7-11.5 , or who willfully violates any rule or order under this chapter is guilty of a third
27 degree felony.

28 (2) In addition to any other penalty for a criminal violation of this chapter, the
29 sentencing judge may impose any penalty or remedy provided for in Subsection
30 51-7-22.5 (1)(b).




Legislative Review Note
as of 2-3-05 4:34 PM

Based on a limited legal review, this legislation has not been determined to have a high
probability of being held unconstitutional.

Office of Legislative Research and General Counsel