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Can you summarize ALAC Chapter 830-X-1?
Alabama Securities Commission > ORGANIZATION AND GENERAL OPERATION
Short Summary
The provided legal document content pertains to the organization and operation of the Alabama Securities Commission and its responsibilities in enforcing laws governing securities, administering the Industrial Revenue Development Bond Notification Act, and administering the Sale of Checks Act. The Commission consists of members appointed by the Governor and is responsible for the enforcement of securities laws. The document also outlines the formal and informal procedures recognized by the Alabama Securities Commission for hearings and resolutions of complaints or controversies. It explains the process for formal and informal hearings, which are used to resolve minor deficiencies or grant approval of uncontested securities registrations. Additionally, the document provides an index to the forms prescribed by the Alabama Securities Commission for various purposes, including registration of securities, dealers, agents, investment advisers, and investment adviser representatives. It also covers licensing under the Sale of Checks Act and notification of the proposed issuance of industrial revenue bonds. The legal document further pertains to petitions for rule-making proceedings under the Alabama Securities Act, outlining the requirements for filing a petition and the Commission’s determination of its necessity or appropriateness. It also outlines the process for filing a petition for declaratory rulings with the Alabama Securities Commission, allowing individuals to obtain rulings on the validity or applicability of rules, statutes, or orders enforced by the Commission. Overall, these documents apply to members of the Alabama Securities Commission, various state officials, nominees, securities dealers, salesmen, officers, partners, directors, issuers, applicants/registrants, entities and individuals involved in securities registration, licensing, and notification, as well as persons petitioning for rule-making proceedings or declaratory rulings. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Members of the Alabama Securities Commission, State Superintendent of Banks, State Commissioner of Insurance, Attorney General of Alabama, Governor, nominees submitted by the Alabama Bar Association and the Alabama Society of Certified Public Accountants, securities dealers, salesmen, officers, partners, directors, issuers, applicants/registrants, entities and individuals involved in registration of securities, registration of dealers, agents, investment advisers, investment adviser representatives, licensing under the Sale of Checks Act, notification to the Director of the proposed issuance of industrial revenue bonds, persons petitioning for rule-making proceedings, persons petitioning for declaratory rulings
What does it govern?
Organization and operation of the Alabama Securities Commission, enforcement of laws governing securities, administration of the Industrial Revenue Development Bond Notification Act, administration of the Sale of Checks Act, formal and informal procedures for hearings and resolutions of complaints or controversies, forms prescribed by the Alabama Securities Commission, petitions for rule-making proceedings under the Alabama Securities Act, petitions for declaratory rulings with the Alabama Securities Commission
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Alabama