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8-6-176
Section 8-6-176 Delay of disbursement - Authorized. (a) A broker-dealer or investment adviser
may delay a disbursement from an account of a vulnerable adult or an account on which a vulnerable
adult is a beneficiary if: (1) The broker-dealer, investment adviser, or qualified individual
reasonably believes, after initiating an internal review of the requested disbursement and
the suspected financial exploitation, that the requested disbursement may result in financial
exploitation of a vulnerable adult; and (2) The broker-dealer or investment adviser: a. Immediately,
but in no event more than two business days after the requested disbursement, provides written
notification of the delay and the reason for the delay to all parties authorized to transact
business on the account, unless any such party is reasonably believed to have engaged in suspected
or attempted financial exploitation of the vulnerable adult; b. Immediately, but in no event
more than two business days after the requested...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-176.htm - 2K - Match Info - Similar pages
8-6-178
Section 8-6-178 Access to and availability of records. A broker-dealer or investment adviser
shall provide access to or copies of records that are relevant to the suspected or attempted
financial exploitation of a vulnerable adult to agencies charged with administering state
adult protective services laws and to law enforcement, either as part of a referral to the
agency or to law enforcement, or upon request of the agency or law enforcement pursuant to
an investigation. The records may include historical records as well as records relating to
the most recent transaction or transactions that may comprise financial exploitation of a
vulnerable adult. All records made available to agencies under this section are not a public
record as defined in any state public records law. Nothing in this section shall limit or
otherwise impede the authority of the commission to access or examine the books and records
of broker-dealers and investment advisers as otherwise provided by law. (Act...
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8-6-171
Section 8-6-171 Definitions. In this article, unless the context otherwise requires, the following
words and terms shall have the following meanings: (1) AGENT. The same meaning as in subdivision
(2) of Section 8-6-2. (2) BROKER-DEALER. The same meaning as in subdivision (3) of Section
8-6-2. (3) COMMISSION. The Alabama Securities Commission. (4) DEPARTMENT. The Department of
Human Resources. (5) FINANCIAL EXPLOITATION. Any of the following: a. The wrongful or unauthorized
taking, withholding, appropriation, or use of money, assets, or property of a vulnerable adult.
b. Any act or omission taken by a person, including through the use of a power of attorney,
guardianship, or conservatorship of a vulnerable adult, to either of the following: 1. Obtain
control through deception, intimidation, or undue influence over the vulnerable adult's money,
assets, or property to deprive the vulnerable adult of the ownership, use, benefit, or possession
of his or her money, assets, or property. 2....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-171.htm - 2K - Match Info - Similar pages
8-6-177
Section 8-6-177 Delay of disbursement - Liability. A broker-dealer or investment adviser that,
in good faith and exercising reasonable care, complies with Section 8-6-176 shall be immune
from any administrative or civil liability that might otherwise arise from such delay in a
disbursement in accordance with this section. (Act 2016-141, ยง8.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-177.htm - 650 bytes - Match Info - Similar pages
8-19A-4
Section 8-19A-4 Exemptions. The provisions of this chapter do not apply to: (1) A person engaging
in commercial telephone solicitation where the solicitation is an isolated transaction and
not done in the course of a pattern of repeated transactions of like nature. (2) A person
making calls for religious, charitable, political, educational, or other noncommercial purposes
or a person soliciting for a nonprofit corporation if that corporation is properly registered
with the Secretary of State and is included within the exemption of the Alabama Revenue Code
or Section 501(c)(3) of the Internal Revenue Code or rural electric cooperatives formed under
Chapter 6 of Title 37 of the Code of Alabama or affiliates or subsidiaries thereof. (3) A
person soliciting: a. Without the intent to complete or obtain provisional acceptance of a
sale during the telephone solicitation. b. Who does not make the major sales presentation
during the telephone solicitation. c. Without the intent to complete, and...
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8-6-3
Section 8-6-3 Registration and bonds of dealers, agents, investment advisers, etc. (a) It is
unlawful for any person to transact business in this state as a dealer or agent for securities
unless he or she is registered under this article. It is unlawful for any dealer or issuer
to employ an agent unless the agent is registered. (b) It is unlawful for any person to transact
business in this state as an investment adviser or as an investment adviser representative
unless: (1) He or she is so registered under this article; (2) His or her only clients in
this state are investment companies as defined in the Investment Company Act of 1940, other
investment advisers, broker-dealers, banks, trust companies, savings and loan associations,
insurance companies, employee benefit plans with assets of not less than $1,000,000, and governmental
agencies or instrumentalities, whether acting for themselves or as trustees with investment
control, or other institutional investors as are designated by...
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8-6-140
Section 8-6-140 Definitions. For the purposes of this article, the following words have the
following meanings unless the context otherwise requires: (1) BENEFICIARY FORM. A registration
of a security which indicates the present owner of the security and the intention of the owner
regarding the person who will become the owner of the security upon the death of the owner.
(2) DEVISEE. Any person designated in a will to receive a disposition of real or personal
property. (3) HEIRS. Those persons, including the surviving spouse, who are entitled under
the statutes of intestate succession to the property of a decedent. (4) PERSON. An individual,
a corporation, an organization, or other legal entity. (5) PERSONAL REPRESENTATIVE. Includes
executor, administrator, successor personal representative, special administrator, and persons
who perform substantially the same function under the law governing their status. (6) PROPERTY.
Includes both real and personal property or any interest therein...
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8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section 8-6-11; or c.
Effecting transactions with existing employees, partners, or directors of the issuer if no
commission or other remuneration is paid or given directly or indirectly for soliciting any
person in this state. A partner, officer, or director of a dealer or issuer is an agent if
he otherwise comes within this definition. (3) DEALER. Any person engaged in the...
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8-6-17
Section 8-6-17 Prohibited acts regarding offer, sale, or purchase of securities. (a) It is
unlawful for any person, in connection with the offer, sale, or purchase of any security,
directly or indirectly, to: (1) Employ any device, scheme, or artifice to defraud; (2) Make
any untrue statement of a material fact or to omit to state a material fact necessary in order
to make the statements made, in the light of the circumstances under which they are made,
not misleading; or (3) Engage in any act, practice or course of business which operates or
would operate as a fraud or deceit upon any person. (b) It is unlawful for any person who
receives, directly or indirectly, any consideration from another person for advising the other
person as to the value of securities or their purchase or sale, whether through the issuance
of analyses or reports or otherwise, (1) to employ any device, scheme, or artifice to defraud
the other person, (2) to engage in any act, practice, or course of business...
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8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of
the following transactions: (1) Any isolated nonissuer transaction, whether effected through
a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section 12
of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
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