reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 7 - EXEMPTIONS › Rule 1-14-7.17 - Accredited Investor Exemption

Current through June 25, 2024
By authority delegated to the Secretary of State in Section
				  75-71-203 of the Act to promulgate
				  rules, the following transactions involving any offer or sale of a security by
				  an issuer in a transaction that meets the requirements of this Rule are exempt
				  from the registration requirements of the Act:
A. Sales of securities shall be made only to
				persons who are or the issuer reasonably believes are accredited investors.
				"Accredited investor" is defined in
				17 C.F.R. Section
				230.501(a) as currently
				enacted or as amended.
B. The
				exemption is not available to an issuer in the development stage that either
				has no specific business plan or purpose or has indicated that its business
				plan is to engage in a merger or acquisition with an unidentified company or
				companies or other entity or person.
C. The issuer reasonably believes that all
				purchasers are purchasing for investment and not with the view to or for sale
				in connection with a distribution of the security. Any resale of a security
				sold in reliance on this exemption within twelve (12) months of sale shall be
				presumed to be with a view to distribution and not for investment, except a
				resale pursuant to a registration statement effective under Article 3 of the
				Act or to an accredited investor pursuant to an exemption available under the
				Act.
D. The exemption is not
				available to an issuer if the issuer, any of the issuer's predecessors, any
				affiliated issuer, any of the issuer's directors, officers, general partners,
				beneficial owners of ten percent (10%) or more of any class of its equity
				securities, any of the issuer's promoters presently connected with the issuer
				in any capacity, any underwriter of the securities to be offered, or any
				partner, director, or officer of such underwriter:
1. Within the last five (5) years, has filed
				a registration statement that is the subject of a currently effective
				registration stop order entered by any state securities administrator or the
				SEC;
2. Within the last five (5)
				years, has been convicted of any criminal offense in connection with the offer,
				purchase, or sale of any security, or involving fraud or deceit;
3. Is currently subject to any state or
				federal administrative enforcement order or judgment, entered within the last
				five (5) 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 (5) 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.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 7 - EXEMPTIONS › Rule 1-14-7.19 - Broker-Dealers, Investment Advisers, Broker-Dealer Agents, and Investment Adviser Representatives Using the Internet

Current through June 25, 2024
Broker-dealers, investment advisers, broker-dealer agents
				  (hereinafter "BD agents"), and investment adviser agents/representatives
				  (hereinafter "IA reps") who use the internet, the World Wide Web, and similar
				  proprietary or common carrier electronic systems (collectively, hereinafter the
				  "internet") to distribute information on available products and services
				  through certain communications made on the internet directed generally to
				  anyone having access to the internet, and transmitted through postings on
				  Bulletin Boards, displays on "Home Pages" or similar methods (hereinafter
				  "Internet Communications") shall not be deemed to be "transacting business" in
				  this state for purposes of Sections
				  75-71-401 and
				  75-71-404 of the Act based solely
				  on that fact if the following conditions are observed:
A. The Internet Communication contains a
				legend in which it is clearly stated that:
1.
				The broker-dealer, investment adviser, BD agent, or IA rep in question may only
				transact business in this state if first registered, excluded, or exempted from
				state broker-dealer, investment adviser, BD agent, or IA rep registration
				requirements, as may be; and
2.
				Follow-up, individualized responses to persons in this state by such
				broker-dealer, investment adviser, BD agent, or IA rep that involve either the
				effecting or attempting to effect transactions in securities, or the rendering
				of personalized investment advice for compensation, as may be, will not be made
				absent compliance with state broker-dealer, investment adviser, BD agent, or IA
				rep registration requirements or an applicable exemption or
				exclusion.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 7 - EXEMPTIONS › Rule 1-14-7.23 - Invest Mississippi Crowdfunding Small Offering Exemption

Current through June 25, 2024
By authority delegated to the Secretary of State in Section
				  75-71-203 of the Act, the Division
				  has adopted an exemption from the registration requirements of the Act for any
				  offer or sale of securities offered or sold in compliance with Section 3(a)(11)
				  of the Securities Act of 1933,
				  15 U.S.C. §
										77c(a)(11), and SEC Rule
				  147, 17 C.F.R. §
										230.147, or such federal laws as are enacted
				  or rules that are adopted by the SEC that govern intrastate internet
				  crowdfunding offerings and any amendments thereto, which also satisfy the
				  further conditions and limitations set forth in this Rule below.
A.
Definitions
. This Rule
				incorporates the Definitions set forth in Rule
				7.21.
B. In order to comply with this Rule and be
				exempt from the registration requirements of the Act, the following conditions
				and limitations are required to be met:
1.
				The securities must be sold only to persons who are residents of this state at
				the time of purchase. Prior to making any sale under this exemption, the issuer
				must obtain reasonable documentation that the investor is a Mississippi
				resident. Reasonable documentation includes, but is not limited to:
a. A current Mississippi driver's licensee or
				personal identification card.
b. A
				document that indicates the prospective purchaser owns or occupies property in
				the state as his principal residence, such as a current voter registration or
				official business mail from a state or federal agency.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.03 - Timely Request for a Hearing - Contents and Service of Summary Order

Current through June 25, 2024
A. A requesting party must file a written
				Request for Hearing with the Secretary of State within thirty (30) days after
				service of the summary Order entered by the Division.
B. Such summary Order entered by the Division
				shall clearly set out such thirty (30) day period of time.
C. A true and correct copy of such summary
				Order shall be served promptly after its execution on the party or parties
				against whom it is entered or on its legal representative.
Miss. Code
				  Ann. §§
										75-71-306(2),
				  -412(f), (g) (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.05 - Assignment of Hearing Officer - Setting of Hearing

Current through June 25, 2024
A. When a hearing
				is requested or ordered, the Secretary of State shall, within fifteen (15) days
				after receipt of the Request for Hearing or within fifteen (15) days of
				ordering a hearing, designate a Hearing Officer.
B. The Hearing Officer shall issue a Notice
				of Hearing which shall set the date, time, and place for the hearing on a date
				agreed to by the parties, and which shall be sent certified mail, return
				receipt requested, to each party.
C. A Notice of Hearing may be given
				circulation by release to the public press.
Miss. Code
				  Ann. §§
										75-71-412(g);
				  -604(b) (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.07 - Witnesses

Current through June 25, 2024
Each party shall, no later than ten (10) days prior to the
				  hearing date, file with the Hearing Officer and the opposing party(s), a list
				  of witnesses it may call to testify at the hearing. The list shall contain for
				  each witness:
A. Name.
B. Current residential and business
				addresses, if known.
C. Current
				residential and business telephone numbers, if known.
D. A statement indicating whether such person
				is to testify in person or by affidavit.
E. A true and correct copy of such list shall
				be forwarded by each party to all other parties no later than ten (10) days
				prior to the hearing date.
Miss. Code
				  Ann. §
										75-71-602
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.09 - Documents

Current through June 25, 2024
Upon request by any party, any documents, papers, or tangible
				  things to be introduced by any party at the hearing shall be made available for
				  inspection and copying by the requesting party no later than ten (10) business
				  days prior to the hearing date.
Miss. Code
				  Ann. §§
										75-71-602(a)(2), (b)
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.11 - Failure to Appear at Hearing

Current through June 25, 2024
A. If the
				requesting party, without good cause, fails to appear at the hearing, such
				failure may be considered as a withdrawal of the Request for Hearing and the
				Hearing Officer may dismiss the Request for Hearing and the Secretary of State
				may enter an appropriate Final Order.
B. If the Division, without good cause, fails
				to appear at the hearing, such failure may be considered as a withdrawal of the
				summary order, and the Hearing Officer may declare null and void the summary
				order.
Miss. Code
				  Ann. §
										75-71-602(c)
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.13 - Conduct of Hearing

Current through June 25, 2024
A. The Hearing
				Officer shall have the authority to administer oaths and
				affirmations.
B. Each party may be
				represented by an attorney or other authorized representative.
C. The Hearing Officer may clear the hearing
				room of witnesses not under examination. The requesting party may remain in the
				hearing room throughout the hearing.
D. The Hearing Officer shall have the
				authority to maintain the decorum of the hearing and shall take reasonable
				steps to do so when necessary, including clearing the hearing room of any
				person who is disruptive.
Miss. Code
				  Ann. §
										75-71-604(c)
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.15 - Evidence

Current through June 25, 2024
A. Hearings shall
				be informal and technical rules of evidence shall be relaxed;
B. All witnesses who appear and testify under
				oath shall be subject to cross-examination. A witness who does not appear may
				testify by affidavit provided the party presenting the particular witness's
				affidavit has complied with the requirements of Rule
				8.07(D) thereby
				affording the opposing party an opportunity to contact said witness and obtain
				an affidavit on its own behalf.
C.
				The Hearing Officer shall have the authority to admit into the record any
				evidence which, in his judgment, has a reasonable degree of probative value and
				trustworthiness. The Hearing Officer shall have the authority to exclude
				evidence which is irrelevant, immaterial, lacking in probative value,
				untrustworthy, or unduly cumulative.
D. Documents received into evidence by the
				Hearing Officer shall be marked by him, or under his direction, and filed for
				the record of the appeal.
E.
				Rebuttal and surrebuttal evidence may be heard at the discretion of the Hearing
				Officer.
F. Arguments summarizing
				the evidence and the law may be heard at the discretion of the Hearing
				Officer.
G. Acceptance or deposit
				of tendered filing fees by the Division shall not be deemed an admission by the
				Division of the validity or invalidity of any of the claims which are the
				subject of the hearing, including but not limited to whether the amount of such
				fees was sufficient.
Miss. Code
				  Ann. §
										75-71-602(b)
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.17 - Order of Proof - Burden of Proof

Current through June 25, 2024
A. At the hearing,
				the Division shall be the first to present evidence. The requesting party shall
				follow the Division in presenting evidence on its behalf; and
B. Unless otherwise specified by law, the
				standard of proof at the hearing shall be by a preponderance of the
				evidence.
Miss. Code
				  Ann. §
										75-71-503
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.19 - Preservation and Transcription of Record of Hearing

Current through June 25, 2024
A. A record of
				testimony at the hearing may be made by non-stenographic means, in which event
				notice shall be given to all parties designating the manner of recording and
				preserving the testimony.
B. It
				shall be the responsibility of any party desiring to preserve by stenographic
				means a record of testimony given at the hearing to:
1. Arrange, on his or her own initiative, for
				a certified court reporter to make a stenographic recording of the hearing;
				and
2. Pay all fees and expenses
				for such transcription directly to the court reporter.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.21 - Order to be Filed Upon Completion of Hearing

Current through June 25, 2024
After all evidence is heard or received and the hearing is
				  completed, the Hearing Officer shall, within a reasonable time thereafter,
				  prepare and file proposed written findings of fact and conclusions of law and a
				  proposed Decision and Final Order based thereon.
The Secretary of State shall review the findings of fact and
				  conclusions of law of the Hearing Officer, and may accept, modify, or reject,
				  in whole or in part, the findings of fact and conclusions of law. The Secretary
				  of State shall thereafter issue a Final Order, a copy of which shall be sent
				  promptly, via certified mail, return receipt requested, to all parties who
				  appeared at the administrative hearing, or to their attorney(s) or authorized
				  representative(s).
Miss. Code
				  Ann. §
										75-71-604(f)
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.23 - Compliance with Order

Current through June 25, 2024
All parties shall promptly comply with all orders of the
				  Hearing Officer.
Miss. Code
				  Ann. §§
										75-71-605(g),
				  -605(e) (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.25 - Judicial Review

Current through June 25, 2024
A. Any party
				aggrieved by a final written decision and order of the Hearing Officer may
				appeal such order in the manner provided by Section
				75-71-609 of the Act.
B. In connection with the hearing of an
				appeal, any party aggrieved by any matter that does not appear on the record
				may file a sworn Bill of Exceptions to preserve such matter for appellate
				review. A Bill of Exceptions must specifically set forth the facts upon which
				prejudice is claimed.
C. Any
				opposing party may file a response to a Bill of Exceptions.
D. A Bill of Exceptions shall be ruled on by
				the Secretary of State. Such ruling, in addition to the Bill of Exceptions and
				any response thereto, shall be made a part of the record of the
				appeal.
Miss. Code
				  Ann. §
										75-71-609
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.27 - Continuances

Current through June 25, 2024
Continuances requested by any party shall be granted within
				  the discretion of the Hearing Officer only for good cause
				  shown.
Miss. Code
				  Ann. §
										75-71-609(b)
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.29 - Computation of Time

Current through June 25, 2024
In computing any period of time prescribed or allowed under
				  these Rules, the Hearing Officer shall be guided by the Mississippi Rules of
				  Civil Procedure.
Miss. Code
				  Ann. §
										75-71-602(b)
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 8 - ADMINISTRATIVE HEARING PROCEDURES › Rule 1-14-8.31 - Severability of Rules

Current through June 25, 2024
If any one or more of these Rules is found to be invalid by
				  any court of competent jurisdiction, such finding shall not affect the validity
				  of any other of these Rules.
Miss. Code
				  Ann. §
										75-71-605
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.01 - Viatical Settlement Investment Contracts as Securities

Current through June 25, 2024
A.
Viatical Settlement Investment
				Contracts:
A viatical settlement investment contract is any agreement,
				regardless of title or caption, for the purchase, sale, assignment, transfer,
				devise, or bequest of any portion of the benefit of the life insurance policy
				or certificate. The term "viatical settlement or similar agreemenf as used in
				the definition of "security" in the Act does not include:
1. The assignment, transfer, sale, devise, or
				bequest of a death benefit, life insurance policy or certificate of insurance
				by the viator to the viatical settlement provider under the Viatical
				Settlements Act as codified at Miss. Code Ann. Sections
				83-7-201 to -223, as
				amended.
2. The assignment of a
				life insurance policy to a bank, savings bank, savings and loan association,
				credit union, or other licensed lending institution as collateral for a
				loan.
3. The exercise of
				accelerated benefits under the terms of a life insurance policy issued in
				accordance with the insurance laws of this state.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.03 - Scope of Viatical Settlement Investment Contract Requirements

Current through June 25, 2024
A. The provisions of this Chapter set out the
				regulatory standards for the exemption of viatical settlement investment
				contracts from the registration requirement of the Act, renewal of the
				exemption from registration, effective dates, and related matters for viatical
				settlement investment contracts and issuers.
B. Nothing in this Chapter shall:
1. Provide an exemption from the fraud
				provisions of the Act;
2. Relieve
				broker-dealers or agents from compliance with the Act; or
3. Prohibit an issuer from using the
				registration procedures in the Act or from claiming an exemption available
				under the Act.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.05 - Exemption from Registration

Current through June 25, 2024
A. Except as
				provided in Subsection (B) of this Rule, an offer or sale of a viatical
				settlement investment contract or a security that represents or is secured by a
				viatical settlement investment contract is exempt from registration under the
				Act if the issuer:
1. At least thirty (30)
				days prior to the date the initial offer is made, files a registration
				statement on the Division's Form V902 and the materials contained in Subsection
				(A)(2) of this Rule.
2. The
				following items must be filed with a registration statement:
a. Prospectus, pamphlet, circular, form
				letter, advertisement, or other sales literature used or intended to be used in
				connection with the offer or sale of the security; and
b. The issuer's most recent audited income
				and expense statement and balance sheet. A prospective viatical settlement
				purchaser may obtain copies upon written request to the Division.
3. All viatical settlement
				investment contracts sold in this state must include a medical release executed
				by the viator in favor of the Secretary of State of the State of Mississippi.
				This release must be maintained in the issuer's office and must be provided by
				the issuer to the Division upon demand.
4. Before a sale, each prospective individual
				viatical settlement purchaser must be furnished written information that is
				sufficient to make an informed investment decision. For the purposes of this
				Subsection, information that is sufficient to make an informed investment
				decision includes the:
a. Viatical settlement
				disclosure document developed by the Secretary of State and available on the
				Division's Form VIAD, Part I. The issuer must provide in that document an
				address to which a notice of rescission may be sent; and
b. Disclosure of any significant factors that
				may affect the outcome of the investment.
5. On or before the time of closure of a
				sale, defined as the date when the viatical settlement provider locates and
				proposes to the viatical settlement purchaser an acceptable specific viatical
				contract under the executed purchase agreement, an individual investor must
				receive a viatical settlement disclosure document that the issuer has completed
				using the Division's Form VIAD, Part II.
6. In order to qualify for the exemption and
				unless waived by the Secretary of State, the issuer and the issuer's
				predecessors must show, along with the issuer's predecessor, that it has been
				in continuous operation for at least three (3) fiscal years without a default
				in the payment of principal, interest, dividends, or other obligations on a
				security of the issuer or a predecessor of the issuer with a fixed maturity or
				a fixed interest, dividend, or other provision.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.07 - Effective Date and Expiration Date for Exemption of Viatical Settlement Investment Contracts

Current through June 25, 2024
Unless made effective earlier by the Division, an application
				  for exemption from registration under this Rule becomes effective thirty-one
				  (31) days after the Division receives the completed application and the
				  required documents unless the Division contacts the filer either orally or in
				  writing within thirty (30) days after the receipt of the filing to seek
				  additional information or clarification. At such time that the Division
				  determines that the application is not complete or that additional information
				  is required in order to make a determination on whether or not to grant the
				  exemption under this Chapter, the registration will be placed in pending status
				  until such time as the Division either grants or denies the exemption. An
				  exemption granted under this Rule shall expire twelve (12) months after the
				  date on which it is granted. A renewal must be made prior to the expiration of
				  the exemption on the Division's Form VR 903. Failure to timely renew will
				  require the applicant to complete the process for application for
				  exemption.
Miss. Code
				  Ann. §§
										75-71-203, -204
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.09 - Revocation of Exemption

Current through June 25, 2024
The Secretary of State may, in his discretion, enter an order
				  revoking an exemption granted pursuant to this Chapter. The order may not be
				  entered without appropriate prior notice to all interested parties, opportunity
				  for hearing, and written findings of fact and conclusions of law, except that
				  the Secretary of State may, in his discretion, summarily revoke by order any of
				  the specified exemptions pending final determination of a proceeding under this
				  Rule. Upon the entry of a summary order, the Secretary of State shall promptly
				  notify all interested parties that the order has been entered and thereafter
				  the interested parties shall have thirty (30) days from receipt of the order in
				  which to request a hearing. Upon receipt of a request for hearing, the
				  Secretary of State will promptly set a hearing to be held in accordance with
				  Chapter 8 of the Rules. If any of the interested parties fails to request a
				  hearing within the thirty (30) day period, the Secretary of State will enter a
				  final order, and the final order will remain in full force and effect until it
				  is vacated or modified by the Secretary of State.
Miss. Code
				  Ann. §
										75-71-204
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.11 - Right of Rescission Applicable to Sales of Viatical Settlement Interests

Current through June 25, 2024
A. In addition to any other rights provided
				for under this Chapter or otherwise, a person who buys a viatical settlement
				investment contract or a security that either represents or is secured by a
				viatical settlement interest may rescind the purchase by giving the entity
				designated in the disclosure documents written notice of rescission, by
				ordinary mail, postage prepaid, postmarked no later than thirty (30) days
				following the later of the date on which the purchaser paid for the investment,
				or the date on which the purchaser received the Form VIAD Part II.
B. The notice of rescission required under
				Subsection (A) of this Rule is sufficient if addressed to the entity designated
				for the notice at the address given in the disclosure statement. The rescission
				notice is effective on the date it is mailed. The rescission notice may be in
				any form that expresses the intention of a purchaser to rescind the
				transaction.
C. Notwithstanding the
				time limit in Subsection (A) of this Rule, if the issuer has not found an
				acceptably suitable viatical settlement investment contract and closed the
				transaction within ninety (90) days of the execution of the purchase agreement,
				on the ninetieth (90th) day following the execution of the purchase agreement,
				the issuer shall provide the viatical settlement purchaser with a rescission
				offer using a form approved by the Division, and the viatical settlement
				investment contract purchaser will have ten (10) business days from its receipt
				to either accept or reject the rescission offer. The issuer shall keep a record
				of the rescission offer and its acceptance or rejection for at least three (3)
				years after providing that offer and shall provide that record to the Division
				at its request.
D. In this Rule,
				"business day" means a day other than Saturday, Sunday, or a state or federal
				holiday.
Miss. Code
				  Ann. §
										75-71-510
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.13 - Advertising

Current through June 25, 2024
A. The exemption
				contained in this Chapter shall not be available to any issuer who engages in
				false or misleading advertising in the sale or promotion of viatical settlement
				investment contracts. Furthermore, the Secretary of State shall revoke an
				exemption granted pursuant to this Chapter of the Rules if he determines that
				an issuer has engaged in false or misleading advertisement of viatical
				settlement investment contracts.
B.
				False or misleading viatical settlement investment contracts advertisements
				include, but are not limited to, the following representations:
1. "Fully secured," "100% secured," "fully
				insured," "secure," "safe," "backed by rated insurance company(s)," "backed by
				federal and/or state law," or similar representations;
2. "No risk," "minimal risk," "low risk," "no
				speculation," "no fluctuation," or similar representations;
3. "Guaranteed fixed return," "annual
				return," "principal," "earnings," "profits," "investment," or similar
				representations;
4. "No sales
				charges or fees," or other similar representations;
5. "High yield," "superior return,"
				"excellent return," "high return," "quick profit," or similar
				representations
6. "Perfect
				investment," "proven investment," or similar representations;
7. Purported favorable representations or
				testimonials about the benefits of viaticals as an investment, taken out of
				context from newspapers, trade papers, journals, radio and television programs,
				and all other forms of print and electronic media.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.15 - Sales Agents

Current through June 25, 2024
Any sales agent who engages in the sale of viatical
				  settlement investment contracts must provide the Secretary of State with the
				  following:
A. Proof of obtaining a
				passing grade on the FINRA Series 7 examination;
B. Proof of obtaining a passing grade on the
				FINRA Series 63 examination;
C. An
				accurate, complete, and signed Form U4; and
D. A filing fee as specified in Rule
				4.17.
Miss. Code
				  Ann. §
										75-71-404
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.17 - Waiver of Viatical Settlement Requirements

Current through June 25, 2024
Upon the request of an issuer, the Secretary of State may, in
				  his discretion, waive a requirement of this Chapter of the Rules by order if he
				  determines the waiver to be in the public interest and that the requirement to
				  be waived is not necessary for protection of investors. The issuer bears the
				  burden of proof to satisfy the Secretary of State that the waiver is in the
				  public interest and that the requirement to be waived is not necessary for
				  protection of investors.
Miss. Code
				  Ann. §
										75-71-307, -407
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 14 - Securities Regulation › Chapter 9 - VIATICAL SETTLEMENT INVESTMENT CONTRACTS › Rule 1-14-9.19 - Privacy

Current through June 25, 2024
Except as required for the Secretary of State to execute his
				  responsibilities under the Act, an issuer of a viatical settlement interest may
				  not disclose to another person the identity of the viator or insured of the
				  insurance policy that is the subject of the viatical settlement interest.
Miss. Code
				  Ann. §
										75-71-605
				  (2020).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 1 - General Provisions › Rule 1-15-1.01 - Definitions

Current through June 25, 2024
As used in Miss. Code Ann. §§
									79-11-501
				  through
				  79-11-529 and
				  the Rules promulgated thereunder, the following terms shall have the meaning
				  ascribed to them below unless the context requires otherwise:
(A) "Act" shall mean the Charitable
				Solicitations Act, which is codified as Miss. Code Ann. §§
									79-11-501
				through
				79-11-529.
(B) "Religious institution" shall
				mean
(1) Ecclesiastical or denominational
				organizations, churches, diocese or presbytery or established physical places
				for worship, whether or not incorporated, at which nonprofit religious services
				and activities are regularly conducted and carried on and also includes those
				religious groups which do not maintain specific places of worship;
(2) Such separate groups or corporations
				which form an integral part of a religious Institution as defined by subsection
				(B)(1) of this Rule and which are exempt from federal income tax under the
				provisions of Section 501(c)(3) of the Internal Revenue Code of 1954, or of a
				corresponding section of any subsequently enacted federal revenue act; and
(3) Such institutions soliciting
				contributions for the construction and maintenance of a house of worship or
				clergyman's residence.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 1 - General Provisions › Rule 1-15-1.03 - Filing Materials

Current through June 25, 2024
All papers, forms or information required to be filed with
				  the Division must be filed electronically as permitted by the Division. The
				  date on which the online forms or other documents are actually received by the
				  Division shall be the date of filing thereof. An application is not considered
				  complete and will not be further processed until all required documentation has
				  been received by the Division.
Miss. Code Ann.
				  §§
										79-11-503;
				  504(a) (Rev. 2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 1 - General Provisions › Rule 1-15-1.05 - Application Forms

Current through June 25, 2024
All applications required to be filed shall be submitted
				  online. All information requested in such forms is essential and must be
				  furnished. Additional documentation not specifically called for by the form,
				  but which is essential to a full disclosure of all information, shall be
				  furnished and properly identified. All forms and documentation furnished to the
				  Division become part of the records of the Division and are not
				  returnable.
Miss. Code Ann.
				  §§
										79-11-503;
				  504(a) (Rev. 2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 1 - General Provisions › Rule 1-15-1.07 - Variances From The Rules

Current through June 25, 2024
The Division may grant variances from these Rules if it
				  determines that (i) application of the Rules from which the variance is granted
				  would, in the particular case, be unnecessarily burdensome, and (ii) such
				  variance would not be inconsistent with the public policy purposes of the Act.
Miss. Code Ann.
				  §§
										79-11-504(a),(d)
				  (Rev. 2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 1 - General Provisions › Rule 1-15-1.09 - Oral Opinions

Current through June 25, 2024
Oral or informal opinions by the staff of the Division as to
				  the applicability of the Act and oral or informal representations by the staff
				  of the Division concerning the status of filings made with the Division are not
				  considered binding upon the Division unless accurately and promptly confirmed
				  in writing by the party requesting such oral or informal opinion or
				  representation.
Miss. Code Ann.
				  §§
										79-11-504(a)-(c)(Rev.
				  2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 1 - General Provisions › Rule 1-15-1.11 - Interpretations By The Division

Current through June 25, 2024
Pursuant to §
									79-11-504(b)
				  of the Act, the Division may respond to written inquiries concerning
				  interpretations of the Act or the rules promulgated thereunder, provided
				  sufficient relevant facts are given and the situation is not hypothetical. The
				  Division may refuse to respond to any inquiry. The Division shall impose a fee
				  of One Hundred Dollars ($100.00) for each interpretive opinion it issues in
				  response to such inquiries.
Miss. Code Ann.
				  §§
										79-11-504(a),(b)
				  (Rev. 2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 1 - General Provisions › Rule 1-15-1.13 - Redaction in Public Records Requests

Current through June 25, 2024
Pursuant to Section
				  79-11-527 of the Act, the Division
				  may make information contained in or filed with any registration's application
				  available for public record, not including confidential and/or personal
				  information contained in Schedule B of a registrant's I.R.S. Form 990. The
				  Division will redact all information contained in Schedule B when responding to
				  public records requests
,
except for any law enforcement purpose as
				  contemplated in Section
				  79-11-527.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 2 - Charitable Organization › Rule 1-15-2.01 - Registration Statement

Current through June 25, 2024
In order to apply for registration as a Charitable
				  Organization pursuant to §
									79-11-503
				  of the Act, the following must be submitted to the Division:
(A) Online Registration Statement;
(B) The non-refundable Fifty Dollar ($50.00)
				registration fee;
(C) Copies of
				contracts between the Charitable Organization and any Professional
				Fund-Raisers/Fund-Raising Counsels relating to financial or other compensation
				or profit to be derived by the Professional Fund-Raisers/Fund-Raising Counsels;
(D) With the initial registration
				only, a copy of the current charter, articles of incorporation, bylaws and/or
				any other instrument of organization and any federal tax exemption
				determination letter from the Internal Revenue Service or notification of any
				rescission of, challenge to, or investigation of the Charitable Organization's
				federal tax exemption;
(E) A
				financial report and other information and documents as required by §
									79-11-507
				of the Act; and
(F) An alternate
				address, different than that of the address of the Charitable Organization for
				which registration is sought, for each of the president, chief executive
				officer or executive director (or equivalent thereof), and chief financial
				officer or treasurer (or equivalent thereof) of the Charitable Organization.
				Because these addresses are available to the public upon request, the Division
				recommends that home addresses not be used.
Miss. Code Ann.
				  §§
										79-11-503;
				  504(a) (Rev. 2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 2 - Charitable Organization › Rule 1-15-2.02 - Electronic Filing

Current through June 25, 2024
All filings with the Secretary of State's Office that are
				  required or permitted by §
									79-11-503
				  of the Act shall be made electronically, and shall be in the format prescribed
				  by the Secretary of State.
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 2 - Charitable Organization › Rule 1-15-2.03 - Certificate Of Registration

Current through June 25, 2024
Registration in Mississippi as a Charitable Organization
				  shall become effective upon the date of the issuance of a Certificate of
				  Registration by the Division.
Miss. Code Ann.
				  §§ 79-11-50(3),(4); 504(a) (Rev.
				  2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 2 - Charitable Organization › Rule 1-15-2.05 - Renewal

Current through June 25, 2024
In order to renew the Registration, the following must be
				  submitted to the Division on or before the expiration date of the Certificate
				  of Registration:
(A) Online
				Registration Statement;
(B) The
				Fifty Dollar ($50.00) non-refundable renewal fee;
(C) Copies of contracts not already on file
				with the Division between the Charitable Organization and all Professional
				Fund-Raisers/Fund-Raising Counsels relating to financial compensation or profit
				to be derived by the Professional Fund-Raisers/Fund-Raising Counsels;
(D) A financial report and other
				information and documents as required by §
									79-11-507
				of the Act;
(E) An alternate
				address, different than that of the address of the Charitable Organization for
				which renewal is sought, for each of the president, chief executive officer or
				executive director (or equivalent thereof), and chief financial officer or
				treasurer (or equivalent thereof) of the Charitable Organization. Because these
				addresses are available to the public upon request, the Division recommends
				that home addresses not be used; and
(F) An affidavit of solicitation section will
				be part of the online registration statement if the renewal is late. When the
				renewal is received after the expiration of the Certificate of Registration, a
				statement detailing the solicitations made during the period of
				non-registration must be submitted. The statement must contain the donations
				pledged and donations received from Mississippi residents. If no solicitations
				were made, the statement must affirm that no solicitations were made during the
				period of non-registration. For purposes of this subsection, the period of
				non-registration shall mean the date on which the Certificate of Registration
				expired through the date on which the Division receives the complete renewal
				package.
Miss. Code Ann.
				  §§
										79-11-503;
				  504(a) (Rev. 2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 2 - Charitable Organization › Rule 1-15-2.06 - Extensions

Current through June 25, 2024
A Charitable Organization's renewal date is the fifteenth
				  day of the fifth month following the close of the charitable organization's
				  fiscal year end. The Charities Division will allow for extensions for the same
				  time-frame as provided by the Internal Revenue Service. Extension requests must
				  be filed online with the Charities Division using the online filing
				  system.
Charities exempted from filing Form 990 with the Internal
				  Revenue Service may also file extensions.
Miss. Code Ann.
				  §§
										79-11-503(4)(b)
				  (Rev. 2016).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 2 - Charitable Organization › Rule 1-15-2.07 - Notice Of Exemption

Current through June 25, 2024
Any Charitable Organization claiming an exemption from
				  registration pursuant to §
									79-11-505
				  of the Act must, prior to any solicitations, file with the Division an online
				  Notice of Exemption Form along with the documentation required by such form and
				  a processing fee of Fifty Dollars ($50.00). The Division shall review the
				  Notice and may request additional information from the Organization in order to
				  make a determination. The Division shall notify the Organization of its
				  determination within sixty (60) days of the filing of the Notice.
Upon finding that the Charitable Organization qualifies for
				  an exemption, the Division will issue the Organization a Certificate of
				  Exemption which shall remain in effect until the Division is notified that the
				  Organization is no longer soliciting contributions, or that the Organization's
				  status has changed such that registration would be required. Upon finding that
				  the Charitable Organization does not qualify for an exemption, the Division
				  shall notify the Organization of this determination and the Organization shall
				  be required to file a registration statement as provided in Section
				  2.01 of these Rules within thirty (30)
				  days of receipt of such notice. Any change to information on file with the
				  Division should be made within thirty (30) days of said change.
Miss. Code Ann.
				  §§
										79-11-504(a);
				  505 (Rev. 2009).
Mississippi Administrative Code › Title 1 - Secretary of State › Part 15 - Charities Division › Chapter 2 - Charitable Organization › Rule 1-15-2.08 - Determination of Online Solicitation

Current through June 25, 2024
Pursuant to Miss. Code Ann. §§
									79-11-501
				  and
				  79-11-503,
				  every charitable organization which solicits or intends to solicit
				  contributions by any means shall file a registration statement with the
				  Secretary of State unless exempt in accordance with §
									79-11-505.
(A) Charitable organizations
				soliciting via the internet or by email are considered to be soliciting in
				Mississippi if any of the following apply:
(1) The charitable organization maintains an
				account in a financial institution located in the State of Mississippi, a
				physical address or a mailing address;
(2) The charitable organization specifically
				targets, as defined herein, by expending funds (by trade or otherwise) for
				internet solicitations to Mississippi residents; or
(3) The charitable organization solicits
				donations via the internet or by email, by providing a "Donate Now" button or
				any other indirect form of solicitation and either:
a) Receives, or intends to receive, in the
				charitable organization's fiscal year contributions in the amount of at least
				Twenty Five Thousand Dollars ($25,000.00) from Mississippi residents; or
b) Receives contributions from
				twenty five (25) or more Mississippi residents in the charitable organization's
				fiscal year.