reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.848 - Advertisements by Investment Advisers

Current through Register Vol. 48, No. 28, July 12, 2024
a) It shall be a fraudulent business practice
				under Section 8 of the Act for any investment adviser registered or required to
				be registered under the Act, directly or indirectly, to publish, circulate, or
				distribute in any manner any advertisement:
1) That refers, directly or indirectly, to
				any testimonial of any kind concerning the investment adviser or concerning any
				advice, analysis, report or other service rendered by such investment adviser;
				or
2) That refers, directly or
				indirectly, to past specific recommendations of an investment adviser that were
				or would have been profitable to any person; provided, however, that this shall
				not prohibit an advertisement that sets out or offers to furnish a list of all
				recommendations made by such investment adviser within the immediately
				preceding period of not less than one year if the advertisement, and the list,
				if it is furnished separately:
A) state the
				name of each security recommended, the date and nature of each recommendation
				(e.g., whether to buy, sell or hold), the market price at that time, the price
				upon which the recommendation was to be acted, and the market price of each
				security as of the most recent practicable date; and
B) contain the following cautionary legend on
				the first page in print or type as large as the largest print or type used in
				the body or text: "It should not be assumed that recommendations made in the
				future will be profitable or will equal the performance of the securities in
				this list."; or
3) That
				represents, directly or indirectly, that any graph, chart, formula or other
				device being offered can in and of itself be used to determine which securities
				to buy or sell, or when to buy or sell them; or that represents, directly or
				indirectly, that any graph, chart, formula or other device being offered will
				assist any person in making his or her own decisions as to which securities to
				buy or sell, or when to buy or sell them, without prominently disclosing in the
				advertisement the limitations and the difficulties with respect to its use;
				or
4) That contains any statement
				to the effect that any report, analysis or other service will be furnished free
				or without charge, unless the report, analysis or other service actually is or
				will be furnished entirely free and without any condition or obligation,
				directly or indirectly; or
5) That
				contains any untrue statement of a material fact, or that is otherwise false or
				misleading.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.849 - Consumer Information Privacy Provisions

Current through Register Vol. 48, No. 28, July 12, 2024
An investment adviser, registered or required to be
				  registered pursuant to Section 8.D of the Act, shall comply with the privacy
				  provisions of subtitle A of Title V of the federal Gramm-Leach-Bliley Act ( 15
				  USC 6801-09 ) and the Federal Trade Commission regulations at 16 CFR 313
				  (Privacy of Consumer Financial Information).
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.850 - Account Transactions

Current through Register Vol. 48, No. 28, July 12, 2024
a) No
				dealer or salesperson shall effect transactions for any customer's account
				which are excessive in size or frequency or unsuitable in view of the financial
				resources of the customer.
b) No
				dealer shall effect any transaction of purchase or sales unless immediately
				after effecting the transaction the dealer makes a record of the transaction
				which record includes the name of the customer, the name, amount and price of
				the securities, and the date and time when the transaction took
				place.
c) Each dealer shall keep or
				preserve, for at least 3 years, records as the dealer may be required to make
				pursuant to the provisions of paragraph (b) of this section.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.851 - Commission, Profit or Other Compensation

Current through Register Vol. 48, No. 28, July 12, 2024
No dealer shall charge or receive a commission, profit or
				  other compensation in connection with an order for the sale or purchase of
				  securities unless the securities are exempt or are sold in exempt transactions
				  or are registered under the provisions of the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.852 - Compensation

Current through Register Vol. 48, No. 28, July 12, 2024
a) No registered
				investment adviser or its representatives shall charge or receive compensation
				in connection with the giving of investment advice unless the compensation is
				fair and reasonable and is determined on an equitable basis adequately
				disclosed to each client in writing.
b) No registered investment adviser or its
				representatives shall charge or receive compensation in connection with the
				giving of investment advice that provides for compensation to the investment
				adviser or its representative on the basis of a share of the capital gains
				upon, or the capital appreciation of, the funds, or any portion of the funds,
				of a client, unless the fees are charged in conformance with the provisions set
				forth in
				17
				CFR 275.205-3 (September 19, 2011)
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.853 - Account Transactions

Current through Register Vol. 48, No. 28, July 12, 2024
Effecting or causing to be effected by or for any client's
				  account, any transactions of purchase or sale which are excessive in size or
				  frequency or unsuitable in view of the financial resources and character of the
				  account, shall constitute an act, practice, or course of business on the part
				  of the registered investment adviser or its representative effecting such
				  transactions or causing the transactions to be effected that is fraudulent,
				  deceptive or manipulative.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.854 - Use of the Term "Investment Counsel"

Current through Register Vol. 48, No. 28, July 12, 2024
No registered investment adviser or its representative shall
				  use the title "Investment Counsel" in the conduct of its business nor represent
				  that it is an "investment counsel" nor use the term "investment counsel" as
				  descriptive of its business unless the person is primarily engaged in the
				  business of rendering investment supervisory services.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.855 - Use of Senior Certifications and Professional Designations

Current through Register Vol. 48, No. 28, July 12, 2024
a) It shall be a fraudulent business practice
				under Section 8 of the Act for any person to use, in such a way as to mislead
				any person, a senior specific certification or designation that, in a manner
				prohibited by subsection (b), indicates or implies that the user has special
				certification or training in advising or servicing senior citizens or retirees
				in connection with the offer, sale or purchase of securities, or the provision
				of advice as to the value of or the advisability of investing in, purchasing or
				selling securities, directly or indirectly, through publications or writings,
				or by issuing or promulgating analyses or reports relating to
				securities.
b) The prohibited use
				of such certifications or professional designations includes, but is not
				limited to, the following:
1) use of a
				certification or professional designation by a person who has not actually
				earned, or is otherwise ineligible to use, such certification or
				designation;
2) use of a
				nonexistent or self-conferred certification or professional
				designation;
3) use of a
				certification or professional designation that indicates or implies a level of
				occupational qualifications obtained through education, training or experience
				that the person using the certification or professional designation does not
				have; and
4) use of a certification
				or professional designation that was obtained from a designating or certifying
				organization that:
A) is primarily engaged in
				the business of instruction in sales and/or marketing;
B) does not have reasonable standards or
				procedures for assuring the competency of its designees or
				certificants;
C) does not have
				reasonable standards or procedures for monitoring and disciplining its
				designees or certificants for improper or unethical conduct; or
D) does not have reasonable continuing
				education requirements for its designees or certificants in order to maintain
				the designation or certificate.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.860 - Additional Fees Under Section 8 of the Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) The additional fee for the failure by a
				registered dealer or investment adviser to file or file timely any required
				statement of financial condition or financial statement shall be as set forth
				in Section
				130.110 of this
				Part.
b) The additional fee for the
				second and subsequent failure by a registered dealer or investment adviser to
				file or file timely a statement of financial condition or financial statement
				shall be as set forth in Section
				130.110 of this
				Part.
c) The additional fee for the
				failure by a registered dealer or investment adviser to file or file timely any
				other post-registration document required under Section 8 of the Act or this
				Part shall be as set forth in Section
				130.110 of this
				Part.
d) The additional fee for the
				second and subsequent failure by a registered dealer or investment adviser to
				file or file timely any other post-registration document required under Section
				8 of the Act or this Part shall be as set forth in Section
				130.110 of this
				Part.
e) The Secretary, at his or
				her discretion, may waive or reduce the amount of any additional fee set forth
				above in this Section if the registered dealer or investment adviser
				demonstrates by competent evidence that:
1) in
				the case of a registered investment adviser, payment of the additional fee
				would render it insolvent; or
2) in
				the case of a registered dealer, payment of the additional fee would cause it
				to be in violation of the requirements set forth in Section
				130.826
				of this Part.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.872 - Procedure with Respect to Abandoned Dealer Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) When an application for registration has
				been on file with the Secretary of State for a period of six months and has not
				become registered, the Secretary of State shall proceed in the manner
				determined by this Section as to whether the application for registration has
				been abandoned by the applicant. If the application for registration has been
				amended, other than for the purpose of delaying the registration thereof, the
				six month period shall be computed from the date of the latest such
				amendment.
b) A notice will be sent
				to the applicant, by registered mail, return receipt requested, addressed to
				the most recent address for the applicant. The notice will inform the applicant
				that the application for registration or amendment is out of date and must be
				either amended, completed to comply with the applicable requirements of the
				Act, or be withdrawn, or an Order of Abandonment will be entered by the
				Secretary of State within 30 days after the date of the notice.
c) If the applicant fails to respond to such
				notice by filing an amendment, completing or withdrawing the application for
				registration within 30 days, the Secretary of State may enter an order
				declaring the application for registration abandoned.
d) The applicant may within 15 days of
				receipt of the Order of Abandonment request in writing a hearing which request
				shall set forth the grounds upon which the applicant seeks a hearing.
e) When an Order of Abandonment is entered,
				all papers comprising the application for registration, with the exception of
				the application form and correspondence, will be removed from the files of the
				Secretary of State.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.873 - Procedure with Respect to Abandoned Investment Adviser Applications

Current through Register Vol. 48, No. 28, July 12, 2024
a) When an
				application for registration has been on file with the Secretary of State for a
				period of six months and has not become registered, the Secretary of State
				shall proceed in the manner determined by this Section as to whether the
				application for registration has been abandoned by the applicant. If the
				application for registration has been amended, other than for the purpose of
				delaying the registration thereof, the six month period shall be computed from
				the date of the latest such amendment.
b) A notice will be sent to the applicant, by
				registered mail, return receipt requested, addressed to the most recent address
				for the applicant. The notice will inform the applicant that the application
				for registration or amendment, including all of the applications for
				registration of investment adviser representatives, is out of date and must be
				either amended, completed to comply with the applicable requirements of the
				Act, or be withdrawn, or an Order of Abandonment will be entered by the
				Secretary of State within 30 days after the date of the notice.
c) If the applicant fails to respond to such
				notice by filing an amendment, completing or withdrawing the application for
				registration within 30 days, the Secretary of State may enter an Order
				declaring the application for registration abandoned.
d) The applicant, within 15 days after the
				receipt of the Order of Abandonment, may request in writing a hearing which
				request shall set forth the grounds upon which the applicant seeks a
				hearing.
e) When an Order of
				Abandonment is entered all papers comprising the application for registration,
				with the exception of the application forms and correspondence, will be removed
				from the files of the Secretary of State.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart H - REGISTRATION OF DEALERS, SALESPERSONS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 130.874 - Business Continuity and Succession Planning

Current through Register Vol. 48, No. 28, July 12, 2024
Every investment adviser shall establish, implement and
				  maintain written procedures relating to a Business Continuity and Succession
				  Plan. The plan shall be based upon the facts and circumstances of the
				  investment adviser's business model, including the size of the firm, types of
				  services provided, and number of locations of the investment adviser. The plan
				  shall provide for at least the following:
a) The protection, backup and recovery of
				books and records.
b) Alternate
				means of communication with customers, key personnel, employees, vendors,
				service providers (including third-party custodians) and regulators, including,
				but not limited to, providing notice of a significant business interruption or
				the death or unavailability of key personnel or other disruptions or cessation
				of business activities.
c) Office
				relocation in the event of temporary or permanent loss of a principal place of
				business.
d) Assignment of duties
				to qualified responsible persons in the event of the death or unavailability of
				key personnel.
e) Otherwise
				minimizing service disruptions and client harm that could result from a
				significant business interruption.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart J - SERVICE OF PROCESS › Section 130.1001 - Service of Process upon the Secretary of State

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any process, notice or demand to be served
				upon the Secretary of State under the Act shall be made by delivering
				personally to the Securities Director, or any employee of the Securities
				Department designated by the Securities Director to accept such service on
				behalf of the Secretary of State, or by sending by registered mail or certified
				mail, return receipt requested, a copy of the process, notice or demand to the
				Securities Department. Additional Procedures for service are specified in the
				Act in the following Sections:
1) Service
				upon any person who has filed a consent to service of process upon the
				Secretary of State under the Act, second paragraph of Section 10.A.(2) of the
				Act;
2) Service upon any person
				who, by virtue of having offered, sold or delivered securities in this State
				which are neither registered nor covered by an exemption from registration,
				shall have appointed the Secretary of State as agent for service of process,
				Section 10.B.(2) of the Act; and
3)
				Service of a copy of a complaint in a private civil action, Section 13.G.(2) of
				the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1100 - Preamble

Current through Register Vol. 48, No. 28, July 12, 2024
The Rules contained in this Subpart shall govern every
				  hearing before the Securities Department. The purpose of this Subpart is to
				  provide for the orderly determination of rights, duties and privileges of
				  parties appearing before the Secretary or his or her representatives under
				  procedures assuring such parties due process of law.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1101 - Qualifications and Duties of the Hearing Officer

Current through Register Vol. 48, No. 28, July 12, 2024
a) The hearing officer shall meet the
				following standards and qualifications:
1) be
				of high integrity and of good personal repute;
2) be admitted to practice law in the State
				of Illinois and be a member in good standing of the Bar of Illinois for at
				least three years; and
3) be
				familiar with the Rules contained in this Part and the Act.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1102 - Notice of Hearing

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Notice of Hearing shall include:
1) A
				statement of the time, place and nature of the hearing;
2) A statement of the legal authority, and
				jurisdiction under which the hearing is held;
3) A short and plain statement of the matters
				alleged;
4) A statement of
				financial sanction or relief sought; and
5) A concise statement to each respondent
				that:
A) the respondent may be represented by
				legal counsel, may present evidence, may cross-examine witnesses and otherwise
				participate;
B) failure by any
				respondent to appear shall constitute default by such respondent; and
C) delivery of notice to the designated
				representative of any respondent constitutes service upon such
				respondent.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1103 - Institution of a Contested Case by the Securities Department

Current through Register Vol. 48, No. 28, July 12, 2024
A contested case is instituted by the Securities Department
				  when a Notice of Hearing is mailed to a respondent at the respondent's last
				  known address by registered or certified mail, return receipt requested, or
				  personal service is obtained upon a respondent.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1104 - Requirement to File an Answer

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				In each contested case instituted by the Securities Department, each respondent
				shall file with the Securities Department an Answer, Special Appearance
				pursuant to Section
				130.1107
				of this Part, or other responsive pleading within 30 days after the service of
				the Notice of Hearing or within ten days after each amended Notice of Hearing
				which materially alters the Notice of Hearing, such as an addition or deletion
				of parties or counts, or within ten days after service of a Notice of Hearing
				issued pursuant to Section
				130.1102(d)
				of this Part. Each Answer shall be in writing, signed by each respondent or the
				respondent's representative, and shall contain a specific response to each
				allegation in the Notice of Hearing or each new allegation contained in a
				materially altered Notice of Hearing and set forth affirmative defenses, if
				any. The response shall either admit or deny each allegation, or shall state
				that the respondent has insufficient information to admit or deny the
				allegation. Every allegation not explicitly denied is admitted, unless the
				respondent states in his or her answer that he or she has no knowledge thereof
				sufficient to form a belief, and attaches an affidavit of the truth of the want
				of knowledge, or unless the respondent has had no opportunity to
				deny.
b) Failure, by the
				respondent, to timely file an answer, a special appearance pursuant to Section
				130.1107
				of this Part, or other responsive pleading shall be deemed an admission of the
				allegations contained in the Notice of Hearing and waives the respondent's
				right to a hearing. The Hearing Officer shall make a recommendation that an
				appropriate order be entered wherein, in addition to any other sanctions,
				respondent be held in default.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1105 - Amendment or Withdrawal of the Notice of Hearing

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Notice of Hearing may be amended at
				any time. An Amended Notice of Hearing may be filed in the same manner as a
				Notice of Hearing, or it may be presented to the hearing officer and each
				respondent during the course of the hearing. A continuance may be granted by
				the hearing officer whenever the amendment materially alters the Notice of
				Hearing, and where a respondent demonstrates that any respondent would
				otherwise be unable to properly prepare an Answer to the Amended Notice of
				Hearing or prepare any respondent's case.
b) A Notice of Hearing may be withdrawn
				without prejudice by the Securities Department at any time prior to the
				hearing. After a hearing has begun, a Notice of Hearing may be withdrawn only
				upon written notice to, and concurrence by the hearing officer.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1106 - Representation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any individual
				may appear personally on his or her own behalf.
b) A party or witness may be represented by
				an attorney licensed in Illinois or any law student licensed under Supreme
				Court Rule 711 (Ill. Rev. Stat. 1987, ch. 110A, par. 711). Attorneys admitted
				to practice in states other than the State of Illinois may appear and be heard
				by special leave of the Hearing Officer appointed to conduct the hearing, upon
				the attorney's verbal representations or written documentation as to the
				attorney's admittance. Attorneys who appear in a representative capacity must
				file a written notice of appearance setting forth:
1) The name, business address and telephone
				number of the attorney; and
2) The
				name and address of the party or witness represented.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1108 - Substitution of Parties

Current through Register Vol. 48, No. 28, July 12, 2024
A hearing officer may, upon motion by a party, order a
				  substitution of parties in cases such as a successor entity, death,
				  incompetency, bankruptcy assignments, marriage and legal
				  disability.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1109 - Failure to Appear

Current through Register Vol. 48, No. 28, July 12, 2024
Failure to appear, by the respondent, at the time and place
				  set for hearing shall be deemed a waiver of the right to present evidence,
				  argue, object or cross-examine witnesses, or otherwise participate at the
				  hearing. After presentation by the Securities Department of proof that the
				  respondent was given proper notice and jurisdiction of the Secretary has been
				  established, the Hearing Officer shall strike any answer or other pleading
				  filed, if any, by the party failing to appear and make a recommendation to the
				  Secretary that a finding of default and an appropriate order be entered. Where
				  the Securities Department fails to appear, the Notice of Hearing shall be
				  dismissed.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1110 - Motions

Current through Register Vol. 48, No. 28, July 12, 2024
a) Motions shall be
				made in writing, unless otherwise allowed by the Hearing Officer during the
				course of a hearing. Written motions shall be limited to the following:
1) To request a Hearing Officer's
				recommendation for dismissal of a Notice of Hearing for failure to state facts
				which, if true, would form a sufficient basis for the issuance of an Order or
				other sanctions;
2) To request
				sanctions in accordance with Section
				130.1130
				of this Part;
3) To request
				dismissal of a Notice of Hearing where the Securities Department's case has
				been concluded without sufficient evidence having been presented to form a
				basis for the issuance of an Order or other sanction;
4) To request a continuance, or extension of
				time, upon good cause shown in accordance with Section
				130.1111(a)
				of this Part;
5) To request that a
				Hearing Officer be disqualified from the hearing, for prejudice;
6) To request that an Order of the Hearing
				Officer entered prior to the conclusion of a hearing be vacated or
				modified;
7) To request separation
				of cases joined by the Securities Department;
8) To request consolidation of cases or
				parties;
9) To request an Order
				limiting a request for discovery;
10) To request that a Hearing Officer be
				disqualified from conducting, or continuing to conduct, an assigned hearing
				pursuant to Section
				130.1132
				of this Part.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1111 - Requirements Relating to Continuances

Current through Register Vol. 48, No. 28, July 12, 2024
a) A request for continuance of a hearing
				shall be subject to the discretion of the Hearing Officer.
1) Such continuance may be granted, for good
				cause shown, provided the request is received by the Hearing Officer and each
				party or authorized representative of record not less than five days prior to
				the latest hearing date unless good cause for a continuance is shown prior to
				or during the hearing or between hearing dates due to the absence of material
				evidence, sudden unavailability of counsel, sudden illness of a party or an
				essential witness, ongoing settlement negotiations, or other similar reasons.
				Such request may be in writing.
2)
				Oral requests for continuances shall not be granted unless made during the
				hearing for good cause.
3) Good
				cause includes, but is not limited to, service in the armed forces, or serious
				illness relating to either party, that party's authorized representative of
				record, or essential witnesses, or sudden unavailability of counsel.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1112 - Rules of Evidence

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Hearing Officer shall have authority to conduct the hearing, to administer
				oaths, to examine witnesses, to rule upon the admissibility of evidence, and to
				subpoena witnesses or documents at the request of any party.
b) Irrelevant, immaterial or unduly
				repetitious evidence shall be excluded. The rules of evidence and privilege as
				applied in civil cases in the Circuit Courts of this State shall be followed.
				However, evidence not admissible under such rules of evidence may be admitted
				(except where precluded by statute) if it is of a type commonly relied upon by
				reasonably prudent men in the conduct of their affairs in accordance with
				Section 10-40 of the Illinois Administrative Procedure Act (Ill. Rev. Stat.
				1991, ch. 127, par. 1010-40). Objections to evidentiary offers may be made and
				shall be noted in the record. Subject to these requirements, when a hearing
				will be expedited and the interests of the parties will not be prejudiced, any
				part of the evidence maybe received in written form. Subject to the evidentiary
				requirements of this Section, a party may conduct cross-examination required
				for a full and fair disclosure of the facts.
c) Notice may be taken of matters of which
				the Circuit Courts of this State may take judicial notice. In addition, notice
				may be taken of generally recognized technical or scientific facts within the
				agency's specialized knowledge. Parties shall be notified either before or
				during the hearing, or be reference in preliminary reports or otherwise, of the
				material noticed, including any staff memoranda or data, and they shall be
				afforded an opportunity to contest the material so noticed. The agency's
				experience, technical competence and specialized knowledge may be utilized in
				the evaluation of the evidence.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1113 - Form of Papers

Current through Register Vol. 48, No. 28, July 12, 2024
All papers filed or submitted to the Securities Department in
				  a contested case shall be typewritten, on 81/2 by 11 inch white paper. The
				  first page of each document shall set forth the name of each of the respondents
				  and the file number assigned to the case by the Securities Department. All
				  pleadings must be signed by the party filing the same or his, her or its
				  authorized representative or attorney, and shall contain the party's business
				  address and telephone number. A copy of any pleading shall be filed with the
				  hearing officer, and the original served upon the attorney of record of the
				  Securities Department.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1115 - Discovery

Current through Register Vol. 48, No. 28, July 12, 2024
a) Discovery shall
				not be the subject of motions presented to the Hearing Officer, except as
				provided in Section
				130.1110 of this
				Part.
b) Upon written request
				served on the opposing party, any party shall be entitled to:
1) The name, business and home addresses and
				telephone number, if available, of each witness who may be called to
				testify;
2) Copies of each document
				which may be offered as evidence; and
3) A description of any other evidence which
				may be offered.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1116 - Examination of Witnesses

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				party may conduct examinations or cross-examinations without rigid adherence to
				formal rules of evidence, in order to obtain a full and fair disclosure of
				facts bearing upon matters in issue, in accordance with Section 12 of the
				Illinois Administrative Procedure Act (Ill. Rev. Stat. 1987, ch. 127, par.
				1012).
b) If the hearing officer
				determines that a witness is hostile or unresponsive, the hearing officer may
				authorize the examination by the party calling him or her as if under
				cross-examination in accordance with Impeachment of Witnesses - Hostile Witness
				(Ill. Rev. Stat. 1987, ch. 110A, par. 238(b)).
c) The Securities Department may call any
				adverse party as a witness without vouching for his or her credibility and
				proceed to examine such adverse party as if under cross-examination. Any party
				calling a witness, upon a showing that he or she called the witness in good
				faith and is surprised by his or her testimony, may impeach that witness by
				evidence of prior inconsistent statements in accordance with Impeachment of
				Witnesses - Hostile Witness (Ill. Rev. Stat. 1987, ch. 110A, par.
				238(b)).
d) Oral evidence shall be
				taken only on oath or affirmation.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1117 - Subpoenas

Current through Register Vol. 48, No. 28, July 12, 2024
a) Subpoenas for
				the attendance of witnesses from any place in the State of Illinois, or for the
				production of books, papers, accounts or documents at a hearing in a pending
				proceeding, shall be issued by the Securities Department upon its own motion,
				and shall be issued upon application in writing by any party.
b) Applications for subpoenas to compel the
				production of books, papers, accounts or documents desired shall be verified,
				and shall specify the books, papers, accounts or documents desired and the
				material or relevant facts to be proved by them.
c) The costs for the preparation and service
				of each subpoena and the payment of witness fees shall be borne by the
				requesting party.
d) The cost to
				prepare each subpoena shall be $10.00 and shall be payable to the Secretary of
				State prior to the issuance of the subpoena. The cost to serve each subpoena
				shall be the same as provided to Sheriffs in Section 4-12001 of the Counties
				Code, certified December 13, 1989 (Ill. Rev. Stat., ch. 34, par. 4-12001 (P.A.
				86-962)) and Section 4-5001 of the Counties Code, certified December 13, 1989
				(Ill. Rev. Stat., ch. 34, par. 4-5001 (P.A. 86-962)). Notwithstanding, if the
				Securities Department elects to mail a subpoena the cost shall be $5.00 plus
				the actual cost of certified or registered mail, return receipt requested,
				payable to the Secretary of State prior to the issuance of the subpoena.
				Witness fees shall be the same as provided for in Section 47 of an Act
				concerning fees and salaries, and to classify the several counties of this
				State with reference thereto. Approved March 29, 1872 (Ill. Rev. Stat. ch. 53,
				par. 65) relating to witnesses attending trial in the Circuit Courts of
				Illinois.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1118 - Pre-Hearing Conferences

Current through Register Vol. 48, No. 28, July 12, 2024
Upon written request to the Hearing Officer by the Securities
				  Department or any respondent, the parties may be directed by the Hearing
				  Officer to appear at a specified date, time and place for a pre-hearing
				  conference, that may be held telephonically, prior to the date set for hearing
				  in the particular proceeding or, without notice on the date and at the place
				  set for such hearing and prior to the commencement thereof or during the course
				  of such hearing, for the purpose of formulating issues and considering:
a) The simplification of issues;
b) The necessity or desirability of amending
				the pleadings for the purpose of clarification, amplification or limitation
				with respect to matters alleged in any Notice of Hearing;
c) The possibility of making admissions or
				stipulations of fact to the end of avoiding the unnecessary introduction of
				evidence;
d) The limitation of the
				number of witnesses;
e) The
				propriety of prior mutual exchange between or among parties of prepared
				testimony or exhibits; and
f) Any
				other matters that may aid in the disposition of the hearing.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1119 - Record of a Pre-Hearing Conference

Current through Register Vol. 48, No. 28, July 12, 2024
Action taken at each pre-hearing conference pursuant to
				  Section
				  130.1118
				  of this Part shall be made part of the record at the hearing by the hearing
				  officer, unless the parties file a written stipulation as to such matters or
				  agree to a statement thereof made on the record.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1120 - Hearings

Current through Register Vol. 48, No. 28, July 12, 2024
The sequence to be followed for each contested case is as
				  follows:
a) Pre-Hearing Conference -
				Optional. The purposes of which are set out in Section
				130.1118
				of this Part; and
b) Hearings
1) Preliminary matters - Motions, attempts to
				narrow issues or limit evidence;
2)
				Opening Statements - The party initiating the hearing proceeds first;
3) Case in Chief - Evidence and witnesses are
				presented by the party initiating the hearing. As a witness' testimony is
				completed, he or she is subject to cross-examination;
4) Defense (including affirmative defense) -
				Evidence and witnesses may be presented by the opposing parties;
5) Rebuttal;
6) Closing Statements - The party bearing the
				burden of proof proceeds first, then the opposing party, then a final reply by
				the party bearing the burden of proof; and
7) Hearing Officer's Report consisting of: a
				statement of matters officially noticed, proposed findings of fact, proposed
				conclusions of law, and proposed recommendation as to disposition by the
				hearing officer.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1121 - Record of Proceedings

Current through Register Vol. 48, No. 28, July 12, 2024
a) At each
				hearing, except as otherwise provided herein, a permanent and complete record
				of the proceedings shall be taken at the Securities Department's expense by
				electronic means or by a "shorthand reporter" as such term is defined in the
				Illinois Certified Shorthand Reporters Act of 1984 (Ill. Rev. Stat. 1987, ch.
				111, par. 6204).
b) The Securities
				Department upon request of a party shall arrange for the shorthand reporter to
				provide for such copies of the transcript as any other party may require and at
				such time as it may require same, provided that such other party shall pay
				directly to the shorthand reporter the payment for the cost of the transcript
				including one copy thereof to be furnished the Securities Department for its
				use in any proceeding for Administrative Review as hereinafter provided, or
				otherwise.
c) The requirement set
				forth in subsection (a) of this Section is not applicable in any case where all
				respondents have either defaulted, or submitted documents only, and the
				Securities Department presents no evidence through witness testimony.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1122 - Record of Hearing

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				record in a contested case shall include:
1)
				All pleadings (which shall include all orders or notices of hearing and
				responses thereto, admissions, stipulations of facts, motions and rulings
				thereon and in the case of an agreed settlement, stipulation and consent and a
				consent order);
2) All documentary
				evidence, if any;
3) A statement of
				matters officially noticed, if any;
4) A transcript of the proceedings, if
				required;
5) Any opinion, report or
				recommendation of the hearing officer to the Secretary;
6) The findings of fact conclusions of law
				and recommendations of the hearing officer;
7) Any offers of proof, objections and
				rulings thereon, objections or exceptions to the findings of fact, conclusions
				of law and recommendations of the hearing officer or, objections to portions of
				the proposed findings of fact, proposed conclusions of law and proposed
				recommendations of the hearing officer; and
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1123 - Orders

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Hearing
				Officer shall prepare proposed findings of fact, conclusions of law, and
				recommendations to the Secretary. The proposed findings of fact and conclusions
				of law shall be stated separately.
b) Any Order of the Secretary issued without
				a hearing pursuant to a summary or temporary order as provided under Section
				11(E) of the Illinois Securities Law of 1953 or Section 5-45(c) and Section
				5-65(1) of the Business Opportunity Sales Law of 1995 or Section 10-55(e) of
				the Illinois Business Brokers Act of 1995 or Section 15-55(e) of the Illinois
				Loan Brokers Act of 1995 shall advise the respondent that any action for
				judicial review of the final order must be commenced within 35 days from the
				date a copy of the Order is served upon the party seeking review, pursuant to
				the provisions of the Administrative Review Law.
c) The Order of the Secretary shall be the
				decision of the Securities Department upon issues contested or stipulated to at
				the hearing, or presented at a hearing in which the respondent defaults, or
				alleged in an Order which may be made final without a hearing pursuant to
				Section 11(F)(4) of the Illinois Securities Law of 1953, or alleged in a
				summary or temporary order which may be made final without a hearing pursuant
				to Section 11(E) or 11(F) of the Illinois Securities Law of 1953 or Section
				5-45(c) and Section 5-65(1) of the Business Opportunity Sales Law of 1995 or
				Section 10-55(e) of the Illinois Business Brokers Act of 1995 or Section
				15-55(e) of the Illinois Loan Brokers Act of 1995; or upon issues which are
				resolved without a hearing pursuant to Section 10-25(c) of the Illinois
				Administrative Procedure Act [5 ILCS
				100/10-25(c) ].
d) The Secretary after reviewing the hearing
				record may:
1) accept or reject in whole or in
				part the proposed findings of fact, proposed conclusions of law or the proposed
				recommendations of the Hearing Officer;
2) require the submission of additional
				information, documentation or testimony;
3) order the Hearing Officer to conduct a
				rehearing; or
4) order the Hearing
				Officer to conduct an additional hearing upon becoming aware of newly
				discovered evidence.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1124 - Burden of Proof

Current through Register Vol. 48, No. 28, July 12, 2024
Except as provided in Section 15 of the Illinois Securities
				  Law of 1953 or Section 5-20 of the Business Opportunities Sales Law of 1995,
				  the burden of proof is upon the Securities Department in all cases initiated by
				  the Securities Department.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1125 - Stipulations

Current through Register Vol. 48, No. 28, July 12, 2024
Parties may by stipulation agree upon any facts involved in
				  the proceeding. The facts stipulated shall be considered as evidence in the
				  proceeding, provided that the hearing officer may require proof of any fact by
				  evidence, such as where parties are not represented by counsel. After all
				  parties have completed the presentation of their evidence, the hearing officer
				  may call the Securities Department for further material or relevant evidence
				  upon any issue. The Department's experience, technical competence and
				  specialized knowledge may be utilized by the hearing officer in the evaluation
				  of the evidence.
Illinois Administrative Code › Title 14 - COMMERCE › Part 130 - REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 › Subpart K - PROCEDURES FOR ADMINISTRATIVE HEARINGS › Section 130.1126 - Open Hearings

Current through Register Vol. 48, No. 28, July 12, 2024
Hearings shall be open to the public and may not be recorded
				  by the public or any respondent by any electronic means other than as set forth
				  in Section
				  130.1121 of
				  this Part.