Report Title:
Violations Against Elders
Description:
Adds enhanced civil and administrative penalties for securities violations committed against elders. (SD1)
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THE SENATE |
S.B. NO. |
1392 |
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TWENTY-FOURTH LEGISLATURE, 2007 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO ENHANCED PENALTIES FOR SECURITIES VIOLATIONS COMMITTED AGAINST ELDERS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 485, Hawaii Revised Statutes, is amended by adding two new sections to be appropriately designated and to read as follows:
"§485‑ Additional administrative penalties for securities violations committed against elders. If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at the time of the violation is sixty-two years of age or older, the commissioner, in addition to any other administrative penalty, may impose an administrative penalty not to exceed $50,000 for each violation; provided that this section shall not apply to registered dealers for violations of section 485‑15(10).
§485‑ Additional civil penalties for securities violations committed against elders. If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at the time of the violation is sixty-two years of age or older, a court, in addition to any other civil penalty, may impose a civil penalty not to exceed $50,000 for each violation; provided that this section shall not apply to registered dealers for violations of section 485-15(10)."
SECTION 2. Chapter 485A, Hawaii Revised Statutes, is amended by adding two new sections to be appropriately designated and to read as follows:
"§485A‑ Additional administrative penalties for securities violations committed against elders. If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at the time of the violation is sixty-two years of age or older, the commissioner, in addition to any other administrative penalty, may impose an administrative penalty not to exceed $50,000 for each violation; provided that this section shall not apply to registered broker-dealers for violations of section 485A-412(d)(9).
§485A‑ Additional civil penalties for securities violations committed against elders. If a person commits a violation under this chapter and the violation is directed toward, targets, or is committed against a person who at the time of the violation is sixty-two years of age or older, a court, in addition to any other civil penalty, may impose a civil penalty not to exceed $50,000 for each violation; provided that this section shall not apply to registered broker-dealers for violations of section 485A-412(d)(9)."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval; provided that section 2 shall take effect on July 1, 2008.