§ 23-42-101. Title

This chapter may be cited as the “Arkansas Securities Act”.

§ 23-42-102. Definitions

As used in this chapter, unless the context otherwise requires: (1) (A) “Agent” means an individual, other than a broker-dealer, who: (i) Represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities; or (ii) Supervises individuals who effect or attempt to effect purchases or sales of securities for a […]

§ 23-42-103. Applicability

(a) (1) Sections 23-42-106, 23-42-108, 23-42-109, 23-42-212, 23-42-301(a), 23-42-501, and 23-42-507 apply to persons who sell or offer to sell when: (A) An offer to sell is made in this state; or (B) An offer to buy is made and accepted in this state. (2) Sections 23-42-212, 23-42-301(a), and 23-42-507 apply to persons who buy […]

§ 23-42-104. Criminal penalties

(a) Any person who knowingly violates § 23-42-507 shall be guilty of the offense of “securities fraud”. Securities fraud is a Class B felony. (b) Any person who knowingly violates § 23-42-501 shall be guilty of the offense of “felony offer or sale of unregistered and nonexempt securities”. Felony offer or sale of unregistered and […]

§ 23-42-105. Prosecution of criminal offenses

(a) (1) Prosecutions for offenses described in § 23-42-104 must be commenced within the following periods of limitation: (A) Felonies — five (5) years from the date of the occurrence; and (B) Misdemeanors — one (1) year from the date of the occurrence. (2) The five-year felony and one-year misdemeanor period of limitation does not […]

§ 23-42-106. Civil liability — Definitions

(a) (1) A person is liable to a buyer of a security if the person offers or sells the security: (A) In violation of § 23-42-212(b), § 23-42-301, or § 23-42-501(1) or (2), a rule or order of the Securities Commissioner under § 23-42-502 which requires the affirmative approval of sales literature before it is […]

§ 23-42-107. Consent to service of process

(a) (1) (A) Every applicant for registration under this chapter, every person making a notice filing, and every issuer for whom a registration, exemption from registration, or notice filing is required under this chapter, shall file with the Securities Commissioner, in the form which he or she prescribes by rule, an irrevocable consent appointing the […]

§ 23-42-108. Rights and remedies cumulative

The rights and remedies provided by this chapter are in addition to any other rights that may exist at law or in equity.

§ 23-42-109. Waiver of compliance void

Any condition, stipulation, or provision binding any person acquiring any security to waive compliance with any provision of this chapter or any rule or order under this chapter is void.

§ 23-42-110. False or misleading statements unlawful

It is unlawful for any person to make or cause to be made, in any document filed with the Securities Commissioner or the commissioner’s designee or in any proceeding under this chapter, any statement which is, at the time in light of the circumstances under which it is made, false or misleading in any material […]