12.3 Administrative Provisions and Remedies
The State Administrator possesses broad investigatory, subpoena, and administrative authority to enforce the Uniform Securities Act and protect retail market integrity.
Key NASAA Exam Takeaways
- State Administrator has jurisdiction over any offer that originates in the state, is directed to the state, or is accepted in the state.
- The Administrator can issue Cease-and-Desist orders without prior notice or hearing.
- The Administrator CANNOT issue injunctions directly; they must petition a court of competent jurisdiction.
- Civil Liability: Purchaser can recover original purchase price + interest + attorney fees - income received.
- Statute of Limitations: 3 years from transaction date or 2 years from discovery of violation, whichever occurs first.
Interactive Knowledge Checkpoint • Section 12.3
Under the Uniform Securities Act, what is the statute of limitations for a client bringing a civil suit for securities fraud?