House Journal: Page 1249: Wednesday, April 5, 2000
15 this chapter, shall be is guilty of a class "D"
16 felony.
17 b. a person who willfully and knowingly violates
18 section 502.401, 502.402, or 502.403, or section
19 502.408, subsection 1 or 2, resulting in a loss of
20 more than ten thousand dollars is guilty of a class
21 "C" felony.
22 Sec. 19. Section 502.609, subsection 1, unnumbered
23 paragraph 1, Code 1999, is amended to read as follows:
24 Every applicant for registration under this
25 chapter, and every issuer which proposes to offer a
26 security in this state, unless exempt under section
27 502.202 or 502.203 and the administrator by rule or
28 order waives the filing, shall file with the
29 administrator, in such form as the administrator by
30 rule prescribes, an irrevocable consent appointing the
31 administrator or the administrator's successor in
32 office to be such person's attorney to receive service
33 of any lawful process in any noncriminal suit, action
34 or proceeding against such person or the successor,
35 executor or administrator of such person which arises
36 under this chapter or any rule or order hereunder
37 after the consent has been filed, with the same
38 validity as if served personally on the person filing
39 the consent. The consent need not be filed by a
40 person who has filed a consent in connection with a
41 previous registration or notice filing which is then
42 in effect. Service may be made by leaving a copy of
43 the process in the office of the administrator, but it
44 is not effective unless the plaintiff, including the
45 administrator when acting as such, does the following:
46 DIVISION III
47 BUSINESS OPPORTUNITY PROMOTIONS
48 Sec. 20. Section 523B.1, Code Supplement 1999, is
49 amended by adding the following new subsection:
50 NEW SUBSECTION. 10A. "Record" means the same as
Page 8
1 defined in section 321I.1.
2 Sec. 21. Section 523B.2, subsection 2, paragraph
3 b, subparagraph (2), Code Supplement 1999, is amended
4 to read as follows:
5 (2) a disclosure document prepared pursuant to the
6 federal trade commission rule entitled "Disclosure
7 relating to disclosure requirements and prohibitions
8 concerning franchising and business opportunity
9 ventures", as adopted by rule of the administrator in
10 accordance with 16 C.F.R. § 436 (1979). The
11 administrator may by rule adopt any amendment to the
12 disclosure document prepared pursuant to 16 C.F.R. §
13 436 (1979) that has been adopted by the federal trade
© 2000 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Mon May 1 13:35:00 CDT 2000
URL: /DOCS/GA/78GA/Session.2/HJournal/01200/01249.html
jhf