reglab/housing_qa huggingface dataset:
WV Code § 32-4-406 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-406. Administration of Chapter; Operating Fund for Securities Department

(a) This chapter shall be administered by the Auditor of this state and he or she is hereby designated, and shall be, the commissioner of securities of this state. He or she has the power and authority to appoint or employ such assistants as are necessary for the administration of this chapter.(b) The Auditor shall set up a special operating fund for the securities division in his or her office. The Auditor shall pay into the fund 20 percent of all fees collected as provided for in this chapter. If, at the end of any fiscal year, the balance in the special operating fund exceeds 20 percent of the gross revenues from the special operating fund operations, the excess shall be transferred to the General Revenue Fund.The special operating fund shall be used by the Auditor to fund the operation of the securities division and the general operations of the Auditors office. The special operating fund shall be appropriated by line item by the Legislature.(c) Moneys payable for assessments established by §32-4-407a of this code shall be collected by the commissioner and deposited into the General Revenue Fund.(d) It is unlawful for the commissioner or any of his or her officers or employees to use for personal benefit any information which is filed with or obtained by the commissioner and which is not made public. No provision of this chapter authorizes the commissioner or any of his or her officers or employees to disclose any information except among themselves or when necessary or appropriate in a proceeding or investigation under this chapter. No provision of the chapter either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to the commissioner or any of his or her officers or employees.
WV Code § 32-4-408 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-408. Injunctions

Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, he may in his discretion bring an action in the circuit court of Kanawha county or a court of competent jurisdiction in the county where one or more of the defendants reside or have a place of business to enjoin the acts or practices and to enforce compliance with this chapter or any rule or order hereunder. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets. The court may not require the commissioner to post a bond.
WV Code § 32-4-409 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-409. Criminal Penalties

(a) Any person who willfully violates any provision of this chapter, except section 404, or who willfully violates any rule or order under this chapter, or who willfully violates section 404 knowing the statement made to be false or misleading in any material respect, shall be guilty of a felony and, upon conviction thereof, shall be fined not more than $50,000, or imprisoned in the penitentiary not less than one nor more than three years, or both fined and imprisoned; but no person may be imprisoned for the violation of any rule or order if he or she proves that he or she had no knowledge of the rule or order. No indictment may be returned under this chapter more than five years after the alleged violation.(b) The commissioner may refer such evidence as is available concerning violations of this chapter or of any rule or order hereunder to the proper prosecuting attorney, who may, with or without such a reference, institute the appropriate criminal proceedings under this chapter.(c) Nothing in this chapter limits the power of the state to punish any person for any conduct which constitutes a crime by statute or at common law.
WV Code § 32-4-410 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-410. Civil Liabilities

(a) Any person who(1) Offers or sells a security in violation of section 201(a), 301, 403 or 405(b), or of any condition imposed under section 304(d), 305(g) or 305(h), or(2) Offers or sells a security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading (the buyer not knowing of the untruth or omission), and who does not sustain the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the untruth or omission, is liable to the person buying the security from him who may assert a claim in a civil action to recover the consideration paid for the security, together with interest at nine percent per year from the date of payment, costs and reasonable attorneys' fees, less the amount of any income received on the security, upon the tender of the security, or for damages if he no longer owns the security. Damages are the amount that would be recoverable upon a tender less the value of the security when the buyer disposed of it and interest at nine percent per year from the date of disposition.(b) Every person who directly or indirectly controls a seller liable under subsection (a), every partner, officer or director of such a seller, every person occupying a similar status or performing similar functions, every employee of such a seller who materially aids in the sale, and every broker-dealer or agent who materially aids in the sale are also liable jointly and severally with and to the same extent as the seller, unless the nonseller who is so liable sustains the burden of proof that he did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist. There is contribution as in cases of contract among the several persons so liable.(c) Any tender specified in this section may be made at any time before entry of judgment.(d) Every cause of action under this statute survives the death of any person who might have been a plaintiff or defendant.(e) No person may sue under this section more than three years after the sale.(f) No person who has made or engaged in the performance of any contract in violation of any provision of this chapter or any rule or order hereunder, or who has acquired any purported right under any such contract with knowledge of the facts by reason of which its making or performance was in violation, may base any suit on the contract.(g) Any condition, stipulation or provision binding any person acquiring any security to waive compliance with any provision of this chapter or any rule or order hereunder is void.(h) The rights and remedies provided by this chapter are in addition to any other rights or remedies that may exist at law or in equity, but this chapter does not create any cause of action not specified in this section or section 202(e).
WV Code § 32-4-411 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-411. Judicial Review of Orders

(a) Any person aggrieved by a final order of the commissioner may obtain a review of the order in the circuit court of Kanawha county by filing in court, within sixty days after the entry of the order, a written petition praying that the order be modified or set aside in whole or in part. A copy of the petition shall be forthwith served upon the commissioner and thereupon the commissioner shall certify and file in court a copy of the filing and evidence upon which the order was entered. When these have been filed, the court has exclusive jurisdiction to affirm, modify, enforce or set aside the order, in whole or in part. The findings of the commissioner as to the facts, if supported by competent, material and substantial evidence, are conclusive. If either party applies to the court for leave to adduce additional material evidence, and shows to the satisfaction of the court that there were reasonable grounds for failure to adduce the evidence in the hearing before the commissioner, the court may order the additional evidence to be taken before the commissioner and to be adduced upon the hearing in such manner and upon such conditions as the court considers proper. The commissioner may modify his findings and order by reason of the additional evidence and shall file in court the additional evidence together with any modified or new findings or order. The judgment of the court shall be final, subject to review by the Supreme Court of Appeals.(b) The commencement of proceedings under subsection (a) does not, unless specifically ordered by the court, operate as a stay of the commissioner's order.
WV Code § 32-4-412 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-412. Rules, Forms, Orders and Hearings

(a) The commissioner may from time to time make, amend and rescind such rules, forms and orders as are necessary to carry out the provisions of this chapter, including rules and forms governing registration statements, applications and reports, and defining any terms, whether or not used in this chapter, insofar as the definitions are not inconsistent with the provisions of this chapter. For the purpose of rules and forms, the commissioner may classify securities, persons and matters within his jurisdiction, and prescribe different requirements for different classes.(b) No rule, form, or order may be made, amended or rescinded unless the commissioner finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of this chapter. In prescribing rules and forms the commissioner may cooperate with the securities administrators of the other states and the securities and exchange commission with a view to effectuating the policy of this statute to achieve maximum uniformity in the form and content of registration statements, applications and reports wherever practicable.(c) The commissioner may by rule or order prescribe (1) the form and content of financial statements required under this chapter, (2) the circumstances under which consolidated financial statements shall be filed, and (3) whether any required financial statements shall be certified by independent or certified public accountants. All financial statements shall be prepared in accordance with generally accepted accounting practices.(d) All rules and forms of the commissioner shall be published.(e) No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form or order of the commissioner, notwithstanding that the rule, form or order may later be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.(f) Every hearing in an administrative proceeding shall be public.
WV Code § 32-4-413 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-413. Administrative Files and Opinions

(a) A document is filed when it is received by the commissioner.(b) The commissioner shall keep a register of all notice filings and all applications for registration and registration statements which are or have ever been effective under this chapter and all denial, suspension or revocation orders which have been entered under this chapter. The register shall be open for public inspection.(c) The information contained in or filed with any registration statement, application or report may be made available to the public under rules prescribed by the commissioner.(d) Upon request and at such reasonable charges as he or she prescribes, the commissioner shall furnish to any person photostatic or other copies (certified under his or her seal of office if requested) of any entry in the register or any document which is a matter of public record. In any proceeding or prosecution under this chapter, any copy so certified is prima facie evidence of the contents of the entry or document certified.(e) The commissioner in his or her discretion may honor requests from interested persons for interpretative opinions. Copies of the opinions shall be filed in a special file maintained for that purpose and shall be public records available for public inspection. The commissioner shall charge a $120 fee for each interpretative opinion.
WV Code § 32-4-415 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-415. Statutory Policy

This chapter shall be so construed as to effectuate the general purpose to make uniform the law of those states which enact the Uniform Securities Act and to coordinate the interpretation and administration of this chapter with the related federal regulation.
WV Code § 32-4-416 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-416. Short Title

This chapter may be cited as the "Uniform Securities Act."
WV Code § 32-4-417 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-417. Severability of Provisions

If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
WV Code § 32-4-418 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 4. General Provisions|§32-4-418. Saving Provisions

(a) Prior law exclusively governs all suits, actions, prosecutions or proceedings which are pending or may be initiated on the basis of facts or circumstances occurring before the effective date of this chapter, except that no civil suit or action may be maintained to enforce any liability under prior law unless brought within any period of limitation which applied when the cause of action accrued and in any event within three years after the effective date of this chapter.(b) All effective registrations under prior law, all administrative orders relating to such registrations, and all conditions imposed upon such registrations remain in effect so long as they would have remained in effect if this chapter had not been enacted. They are considered to have been filed, entered or imposed under this chapter, but are governed by prior law.(c) Prior law applies in respect of any offer or sale made within one year after the effective date of this chapter pursuant to an offering begun in good faith before its effective date on the basis of an exemption available under prior law.(d) Judicial review of all administrative orders as to which review proceedings have not been instituted by the effective date of this chapter are governed by section 411, except that no review proceeding may be instituted unless the petition is filed within any period of limitation which applied to a review proceeding when the order was entered and in any event within sixty days after the effective date of this chapter.
WV Code § 32-5-501 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 5. West Virginia Small Business Capital Act|§32-5-501. Short Title

This article shall be known as the West Virginia Small Business Capital Act.
WV Code § 32-5-502 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 5. West Virginia Small Business Capital Act|§32-5-502. Offer or Sale of Small Business Securities

Notwithstanding any other provision of law to the contrary, certain offerings are exempt from the securities registration requirements of articles two and three of this chapter if the offer, sale, issuer and purchaser meet the requirements of this article.
WV Code § 32-5-503 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 5. West Virginia Small Business Capital Act|§32-5-503. Qualifications of Issuer and Purchaser

(a) In order to qualify for exemption under this article, the issuer must be a for-profit entity organized under the laws of West Virginia with its principal place of business in West Virginia. (b) In order to qualify for the exemption under this article, the purchaser must be a resident of West Virginia or be an entity organized under the laws of West Virginia with its principal place of business in West Virginia.(c) The exemption is not available to any of the following:(1) An investment company, as defined in the Federal Investment Company Act of 1940;(2) A development stage company that either has no specific business plan or purpose or has indicated that the company’s business plan is to engage in a merger or acquisition with an unidentified company or companies, or entity or person or without an allocation of proceeds for sufficiently identifiable properties or objectives; and(3) Any person who is subject to a disqualifying event described in subsection (d) of this section.(d) The exemption is not available if the issuer or the executive directors, directors or managers of the issuer or any individual or entity holding more than twenty percent of the outstanding equity of the issuer:(1) Within the last five years, has filed a registration statement which is the subject of a currently effective registration stop order or cease and desist order entered by any state securities administrator or the United States Securities and Exchange Commission;(2) Within the last five years, has been convicted of any criminal offense in connection with the offer, purchase or sale of any security, or involved fraud or deceit;(3) Is currently subject to any state or federal administrative enforcement order or judgment, entered within the last five years, finding fraud or deceit in connection with the purchase or sale of any security; or (4) Is currently subject to any order, judgment, or decree of any court of competent jurisdiction, entered within the last five years, temporarily, preliminarily, or permanently restraining or enjoining such party from engaging in or continuing to engage in any conduct or practice involving fraud or deceit in connection with the purchase or sale of any security.
WV Code § 32-5-504 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 5. West Virginia Small Business Capital Act|§32-5-504. Qualifications of Offers, Sales and Transactions

(a) The transaction must meet the requirements of the federal exemption for intrastate offerings in section 3(a)(11) of the Securities Act of 1933, 15 U.S.C. section 77c(a)(11) and SEC rule 147, 17 CFR 230.147.(b) The sum of all cash and other consideration received from the issue of securities under this exemption may not exceed $1 million per annum unless the issuer prepares and produces audited financial statements on a quarterly basis to the commissioner. If audited financial statements are prepared and produced to the commissioner, the sum of all cash and other consideration received from the issue of securities shall not exceed $2 million per annum.(c) The issuer may not issue more than $10,000 per annum to any single purchaser unless the purchaser is an accredited investor as defined under rule 501 of SEC Reg D, 17 CFR 230.501.(d) All funds received by the issuer from purchasers under this article shall be held in escrow by an attorney licensed to practice law in West Virginia who shall deposit the funds in a depository institution authorized to do business in West Virginia until such time as the offering amount sought is attained or the time period for the offering has elapsed: Provided, That upon the escrowed funds attaining a balance of at least ten percent of the offering amount sought, the attorney holding the money in escrow shall, upon written request of the issuer, withdraw a portion of the money in escrow and deliver such portion of money to the issuer.(e) All funds received by the issuer from purchasers under this article shall be used by the issuer in accordance with the representations by the issuer to purchasers.(f) The duration of the offering will not exceed twelve months unless the issuer applies to extend the offering for a period not to exceed twelve additional months. An issuer may apply to extend the offering by submitting an amended filing with the commissioner in conformance with these provisions and the rules and orders of the commissioner.
WV Code § 32-6-601 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 6. The Protection of Eligible Adults From Financial Exploitation|§32-6-601. Short Title

This article may be cited as "The Protection of Eligible Adults from Financial Exploitation Act.
WV Code § 32-6-602 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 6. The Protection of Eligible Adults From Financial Exploitation|§32-6-602. Definitions

In this article, unless the context otherwise requires:(1) "Agencies" means adult protective services and the Securities Commission, a Division of the State Auditors office.(2) "Eligible adult" means a person 65 years of age or older or a person subject to 9-6-1 et seq. of this code.(3) "Financial exploitation" means:(A) The wrongful or unauthorized taking, withholding, appropriation, or use of securities, money, assets, or property of an eligible adult; or(B) Any act or omission taken by a person, including using a power of attorney, guardianship, or conservatorship of an eligible adult to:(i) Obtain control, through deception, intimidation, or undue influence over the eligible adults money, assets, or property to deprive the eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property; or(ii) Convert money, assets, or property of the eligible adult to deprive the eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
WV Code § 32-6-603 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 6. The Protection of Eligible Adults From Financial Exploitation|§32-6-603. Governmental Disclosures

If a broker-dealer or investment adviser reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, the broker-dealer or investment adviser shall promptly notify the agencies.
WV Code § 32-6-604 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 6. The Protection of Eligible Adults From Financial Exploitation|§32-6-604. Immunity for Governmental Disclosures

A broker-dealer or investment adviser that, in good faith and exercising reasonable care, makes a disclosure of information pursuant to section 603 of this article is immune from administrative or civil liability that might otherwise arise from the disclosure or for any failure to notify the customer of the disclosure.
WV Code § 32-6-605 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 6. The Protection of Eligible Adults From Financial Exploitation|§32-6-605. Third-Party Disclosures

If a broker-dealer or investment adviser reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, the broker-dealer or investment adviser may notify any reasonably associated individuals. Disclosure may not be made to any third party that is suspected of financial exploitation or other abuse of the eligible adult.
WV Code § 32-6-606 (2021)
2021 West Virginia Code|Chapter 32. Uniform Securities Act|Article 6. The Protection of Eligible Adults From Financial Exploitation|§32-6-606. Immunity for Third-Party Disclosures

A broker-dealer or investment adviser that, in good faith and exercising reasonable care, complies with 32-6-605 of this code is immune from any administrative or civil liability that might arise from the disclosure.