Specifies that any person who recklessly, knowingly, or with intent to defraud sells or buys a security in violation of the securities laws or provides investment advisory services in violation of the securities laws is liable to the person from whom the security is bought or to whom the security is sold, as the case may be. Provides that it is the intent of the general assembly that any person alleging liability under this law must prove that privity of contract existed in connection with the sale or purchase of a security or the providing of investment advisory services.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate material to be deleted from existing statute. AS THE CASE MAY BE, for such 5 legal or equitable relief that the court deems appropriate, including 6 rescission, actual damages, interest at the statutory rate, costs, and 7 reasonable attorney fees. Effective date - applicability. This act shall take 14 effect upon passage and shall apply to actions filed on or after said date 15 and to actions currently pending on such date, but with respect to which 16 no final appealable judgment has been entered by the trial court.