reglab/housing_qa huggingface dataset:
9 V.S.A. § 5105
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5105. Electronic records and signatures

§ 5105. Electronic records and signatures|This chapter modifies, limits, and supersedes 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede 15 U.S.C. § 7001(c) or authorize electronic delivery of any of the notices described in 15 U.S.C. § 7003(b). This chapter authorizes the filing of records and signatures, when specified by provisions of this chapter or by a rule adopted or order issued under this chapter, in a manner consistent with 15 U.S.C. § 7004(a). (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5203
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5203. Additional exemptions and waivers

§ 5203. Additional exemptions and waivers|A rule adopted or order issued under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a class of securities, transactions, or offers from any or all of the requirements of sections 5301 through 5306 and 5504 of this chapter; and an order under this chapter may waive, in whole or in part, any or all of the conditions for an exemption or offer under sections 5201 and 5202 of this chapter. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5204
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5204. Denial, suspension, revocation, condition, or limitations of exemptions

§ 5204. Denial, suspension, revocation, condition, or limitations of exemptions|(a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under subdivision 5201(3)(C), (7), or (8) or section 5202 of this chapter or an exemption or waiver created under section 5203 of this chapter with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in subsection 5306(d) or section 5604 of this chapter and only prospectively.(b) A person does not violate sections 5301, 5303 through 5306, 5504, or 5510 of this chapter by an offer to sell, an offer to purchase, a sale, or a purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5301
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5301. Securities registration requirement

§ 5301. Securities registration requirement|It is unlawful for a person to offer or sell a security in this State unless:  (1) the security is a federal covered security; (2) the security, transaction, or offer is exempted from registration under sections 5201 through 5203 of this chapter; or (3) the security is registered under this chapter. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5307
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5307. Waiver and modification

§ 5307. Waiver and modification|The Commissioner may waive or modify, in whole or in part, any or all of the requirements of sections 5302 and 5303 and subsection 5304(b) of this chapter or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to subsection 5305(i) of this chapter. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5403
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5403. Investment adviser registration requirement and exemptions

§ 5403. Investment adviser registration requirement and exemptions|(a) It is unlawful for a person to transact business in this State as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration as an investment adviser under subsection (b) of this section.(b) The following persons are exempt from the registration requirement of subsection (a) of this section:  (1) a person without a place of business in this State that is registered under the securities act of the state in which the person has its principal place of business if its only clients in this State are:  (A) federal covered investment advisers, investment advisers registered under this chapter, or broker-dealers registered under this chapter; (B) institutional investors; (C) bona fide preexisting clients whose principal places of residence are not in this State if the investment adviser is registered under the securities act of the state in which the clients maintain principal places of residence; or (D) any other client exempted by rule adopted or order issued under this chapter;  (2) a person without a place of business in this State if the person has had, during the preceding 12 months, not more than five clients that are resident in this State in addition to those specified under subdivision (1) of this subsection; or (3) any other person exempted by rule adopted or order issued under this chapter.   (c) It is unlawful for an investment adviser, directly or indirectly, to employ or associate with an individual to engage in an activity related to investment advice in this State if the registration of the individual is suspended or revoked or the individual is barred from employment or association with an investment adviser, federal covered investment adviser, or broker-dealer by an order under this chapter, the Securities and Exchange Commission, or a self-regulatory organization, unless the investment adviser did not know, and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. Upon request from the investment adviser and for good cause, the Commissioner, by order, may waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser.(d) It is unlawful for an investment adviser to employ or associate with an individual required to be registered under this chapter as an investment adviser representative who transacts business in this State on behalf of the investment adviser unless the individual is registered under subsection 5404(a) of this chapter or is exempt from registration under subsection 5404(b). (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5405
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5405. Federal covered investment adviser notice filing requirement

§ 5405. Federal covered investment adviser notice filing requirement|(a) Except with respect to a federal covered investment adviser described in subsection (b) of this section, it is unlawful for a federal covered investment adviser to transact business in this State as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c) of this section.(b) The following federal covered investment advisers are not required to comply with subsection (c) of this section:  (1) a federal covered investment adviser without a place of business in this State if its only clients in this State are:  (A) federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter; (B) institutional investors; (C) bona fide preexisting clients whose principal places of residence are not in this State; or (D) other clients specified by rule adopted or order issued under this chapter;  (2) a federal covered investment adviser without a place of business in this State if the person has had, during the preceding 12 months, not more than five clients that are resident in this State in addition to those specified under subdivision (1) of this subsection; and (3) any other person excluded by rule adopted or order issued under this chapter.   (c) A person acting as a federal covered investment adviser, not excluded under subsection (b) of this section, shall file a notice, a consent to service of process complying with section 5611 of this chapter, and such records as have been filed with the Securities and Exchange Commission under 15 U.S.C. § 80b-1 et seq. required by rule adopted or order issued under this chapter and pay the fees specified in subsection 5410(e) of this chapter.(d) The notice under subsection (c) of this section becomes effective upon its filing. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5406
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative

§ 5406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative|(a) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 5611 of this chapter, and paying the fee specified in section 5410 of this chapter and any reasonable fees charged by the designee of the Commissioner for processing the filing. The application must contain:  (1) the information or record required for the filing of a uniform application; and (2) upon request by the Commissioner, any other financial or other information or record that the Commissioner determines is appropriate.   (b) If the information or record contained in an application filed under subsection (a) of this section is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.(c) If an order is not in effect and a proceeding is not pending under section 5412 of this chapter or if the applicant and the Commissioner or the Commissioner's designee have not mutually agreed to delay effectiveness for a specified period of time, registration becomes effective at noon on the 45th day after a completed application is filed, unless registration is denied. A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the 45th day after the filing of any amendment completing the application.(d) A registration is effective until midnight on December 31 of the year for which the application for registration is filed. Unless an order is in effect under section 5412 of this chapter, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this chapter, by paying the fee specified in section 5410 of this chapter, and by paying costs charged by the designee of the Commissioner for processing the filings.(e) A rule adopted or order issued under this chapter may impose such other conditions not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5407
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5407. Succession and change in registration of broker-dealer or investment adviser

§ 5407. Succession and change in registration of broker-dealer or investment adviser|(a) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for registration pursuant to section 5401 or 5403 of this chapter or a notice pursuant to section 5405 of this chapter for the unexpired portion of the current registration or notice filing.(b) A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its registration by filing an amendment to its registration if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or on a date designated by the registrant in its filing. The new organization is a successor to the original registrant for the purposes of this chapter. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for registration. A predecessor registered under this chapter shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser registration within 45 days after filing its amendment to effect succession.(c) A broker-dealer or investment adviser that changes its name may continue its registration by filing an amendment to its registration. The amendment becomes effective when filed or on a date designated by the registrant.(d) A change of control of a broker-dealer or investment adviser may be made in accordance with a rule adopted or order issued under this chapter. (Added 2005, No. 11, § 1, eff. Jan. 1, 2006.)
9 V.S.A. § 5409
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment representative

§ 5409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment representative|Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 60 days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued under this chapter unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by rule adopted or order issued under this chapter. The Commissioner may institute a revocation or suspension proceeding under section 5412 of this chapter within one year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5501
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5501. General fraud

§ 5501. General fraud|It is unlawful for a person, in connection with the offer to sell, the offer to purchase, the sale, or the purchase of a security, directly or indirectly:  (1) to employ a device, scheme, or artifice to defraud; (2) to make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or (3) to engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5502
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5502. Prohibited conduct in providing investment advice

§ 5502. Prohibited conduct in providing investment advice|(a) It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as part of a regular business, issues or adopts analyses or reports relating to securities:  (1) to employ a device, scheme, or artifice to defraud another person; (2) to make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or (3) to engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.   (b) A rule adopted under this chapter may define an act, practice, or course of business of an investment adviser or an investment adviser representative, other than a supervised person of a federal covered investment adviser, as fraudulent, deceptive, or manipulative, and prescribe means reasonably designed to prevent investment advisers and investment adviser representatives, other than supervised persons of a federal covered investment adviser, from engaging in acts, practices, and courses of business defined as fraudulent, deceptive, or manipulative.(c) A rule adopted under this chapter may specify the contents of an investment advisory contract entered into, extended, or renewed by an investment adviser. (Added 2005, No. 11, § 1, eff. Jan. 1, 2006.)
9 V.S.A. § 5503
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5503. Evidentiary burden

§ 5503. Evidentiary burden|(a) In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the claim.(b) In a criminal proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5504
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5504. Filing of sales and advertising literature

§ 5504. Filing of sales and advertising literature|(a) Except as otherwise provided in subsection (b) of this section, a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter.(b) This section does not apply to sales and advertising literature specified in subsection (a) of this section that relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 5201, 5202, or 5203 of this chapter except as required pursuant to subdivision 5201(7) of this chapter. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5505
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5505. Misleading filings

§ 5505. Misleading filings|It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this chapter, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, to omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5506
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5506. Misrepresentations concerning registration or exemption

§ 5506. Misrepresentations concerning registration or exemption|The filing of an application for registration, a registration statement, a notice filing under this chapter, the registration of a person, the notice filing by a person, or the registration of a security under this chapter does not constitute a finding by the Commissioner that a record filed under this chapter is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the Commissioner has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client a representation inconsistent with this section. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5507
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5507. Qualified immunity

§ 5507. Qualified immunity|A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the Commissioner, or designee of the Commissioner, the Securities and Exchange Commission, or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5508
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5508. Criminal penalties

§ 5508. Criminal penalties|(a)(1) Upon conviction, any person shall be fined not more than $100,000.00 or imprisoned not more than five years, or both who:   (A) willfully violates this chapter, or a rule adopted or order issued under this chapter, except section 5504 of this chapter or the notice filing requirements of section 5302 or 5405 of this chapter; or (B) willfully violates section 5505 of this chapter knowing the statement made to be false or misleading in a material respect.  (2) An individual convicted of violating a rule or order under this chapter may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order. (3) For purposes of subdivision (a)(1) of this subsection, the term "willfully" means purposely or willingly committing the act or making the omission and does not require an intent to violate the law or to injure another or to acquire any advantage.   (b) The Attorney General with or without a reference from the Commissioner may institute criminal proceedings under this chapter.(c) This chapter does not limit the power of this State to punish a person for conduct that constitutes a crime under other laws of this State. (Added 2005, No. 11, § 1, eff. July 1, 2006.)
9 V.S.A. § 5601
2021 Vermont Statutes|Title 9 - Commerce and Trade|Chapter 150 - Securities Act|§ 5601. Administration

§ 5601. Administration|(a) The Commissioner shall administer this chapter.(b) It is unlawful for the Commissioner or an officer, employee, or designee of the Commissioner to use for personal benefit or the benefit of others records or other information obtained by or filed with the Commissioner that are not public under subsection 5607(b) of this title. This chapter does not authorize the Commissioner or an officer, employee, or designee of the Commissioner to disclose the record or information, except in accordance with section 5602, subsection 5607(c), or section 5608 of this title.(c) This chapter does not create or diminish a privilege or exemption that exists at common law, by statute or rule, or otherwise.(d) The Commissioner may develop and implement financial services education initiatives to inform the public about financial services, with particular emphasis on the prevention and detection of securities, banking, and insurance fraud. In developing and implementing these initiatives, the Commissioner may collaborate with public and nonprofit organizations with an interest in financial services education. The Commissioner may accept a grant or donation from a person or from a nonprofit organization, regardless of whether the person or organization is affiliated with the financial services industry, to develop and implement financial services education initiatives. This subsection does not authorize the Commissioner to require participation or monetary contributions of a registrant in financial services education program.(e) [Repealed.]  (Added 2005, No. 11, § 1, eff. July 1, 2006; amended 2011, No. 21, § 12; 2019, No. 57, § 17.)