Bill > HB2529

This bill makes several changes to Tennessee law, primarily concerning the regulation of securities and financial matters by the Department of Commerce and Insurance. Key provisions include clarifying exemptions for certain individuals from being considered investment advisers or investment adviser representatives, correcting a cross-reference within existing law, and empowering the Commissioner of Commerce and Insurance to be appointed as a receiver or conservator for a defendant's assets by a chancery court if that person is found to have violated the Tennessee Securities Act of 1980. The bill also establishes a statute of limitations for private lawsuits related to securities violations, setting a five-year limit from the violation or a two-year limit from discovery, whichever comes first, and outlines procedures for broker-dealers and agents seeking to expunge (remove) customer dispute information from the Central Registration Depository (CRD) system, requiring them to notify the department and potentially name it as a party in such proceedings. Finally, the bill repeals Title 49, Chapter 4, Part 1 of the Tennessee Code Annotated, which deals with matters regulated by the department.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=HB2529&ga=114