§ 75-89-1. Short Title
This chapter shall be know and may be cited as the “Mississippi Commodities Enforcement Act.”
§ 75-89-11. Requirements to engage in trade or business of commodity merchant
No person shall engage in the trade or business of, or otherwise act as, a commodity merchant unless such person: Is registered or temporarily licensed with the Commodity Futures Trading Commission for each activity constituting such person as a commodity merchant and such registration or temporary license shall not have expired, nor been suspended nor […]
§ 75-89-13. Fraudulent or deceitful acts, false or misleading statements or reports, and the like prohibited
No person, in connection with the purchase or sale of, the offer to sell, the offer to purchase, the offer to enter into, or the entry into any commodity contract or commodity option, shall directly or indirectly: Cheat or defraud, or attempt to cheat or defraud, any other person or employ any device, scheme or […]
§ 75-89-15. Vicarious or agency liability
The act, omission or failure of any official, agent, or other person acting for any individual, association, partnership, corporation or trust within the scope of his employment or office shall be deemed the act, omission or failure of such individual, association, partnership, corporation or trust, as well as of such official, agent or other person. […]
§ 75-89-17. Purpose and construction; no private rights or remedies created
This chapter may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodity contracts and to maximize coordination with federal and other states’ laws and the administration and enforcement thereof. This chapter is not intended to create any rights or remedies upon which […]
§ 75-89-19. Investigation and enforcement by administrator; compulsion of testimony and other evidence
The administrator may conduct investigations, within or without this state, as he finds necessary or appropriate to: Determine whether any person has violated, or is about to violate, any provision of this chapter or any rule or order of the administrator; or Aid in enforcement of this chapter. The administrator may publish information concerning any […]
§ 75-89-21. Action by administrator to prevent, enjoin, and prosecute violations; administrative penalties
If the administrator believes, whether or not based upon an investigation conducted under Section 75-89-19, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, the administrator may seek any or all of the following […]
§ 75-89-23. Judicial measures to prevent, enjoin, and prosecute violations of Mississippi or other state’s Commodity Act; special remedies; administrator need not post bond
Upon a proper showing by the administrator that a person has violated, or is about to violate, any provision of this chapter or any rule or order of the administrator, the court may grant appropriate legal or equitable remedies. Upon a showing of violation of this chapter or a rule or order of the administrator, […]
§ 75-89-25. Penalties; period of limitations; institution of criminal proceedings
Any person who willfully violates: Any provision of this chapter; or Any rule or order of the administrator under this chapter shall, upon conviction, be fined not more than Twenty-five Thousand Dollars ($25,000.00) or imprisoned not more than five (5) years, or both, for each violation. Any person convicted of violating a rule or order […]
§ 75-89-27. Secretary of State to administer chapter; insider information; public and privileged information; subpoena of evidence
This chapter shall be administered by the Secretary of State of Mississippi. Neither the administrator nor any employees of the administrator shall use any information which is filed with or obtained by the administrator which is not public information for personal gain or benefit, nor shall the administrator or any employees of the administrator conduct […]
§ 75-89-29. Cooperation with like agencies in other jurisdictions
To encourage uniform application and interpretation of this chapter and commodities regulation and enforcement in general, the administrator and the employees of the administrator may cooperate, including bearing the expense of the cooperation, with the commodities agencies or administrator of another jurisdiction, Canadian province or territory or such other agencies administering this chapter, the Commodity […]
§ 75-89-3. Definitions
As used in this chapter, the following words and phrases shall have the following meanings unless the context clearly indicates otherwise: “Administrator” means the Secretary of State of Mississippi. “Board of trade” means any person or group of persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether […]
§ 75-89-31. Administrator may make, amend and rescind rules, forms and orders; publication of same; exemption from liability therefor
In addition to specific authority granted elsewhere in this chapter, the administrator may make, amend and rescind rules, forms and orders as are necessary to carry out the provisions of this chapter. Such rules or forms shall include, but need not be limited to rules defining any terms, whether or not used in this chapter, […]
§ 75-89-33. Conduct violative of chapter or rule deemed appointment of administrator to accept service of process
When a person, including a nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order of the administrator, the engaging in the conduct shall constitute the appointment of the administrator as the person’s attorney to receive service of any lawful process in a noncriminal proceeding against […]
§ 75-89-35. Applicability of certain provisions when purchase, sale, or offer to buy or sell is made in state; what constitutes purchase, sale, or offer to buy or sell in state
Sections 75-89-5, 75-89-11, and 75-89-13 apply to persons who sell or offer to sell when: An offer to sell is made in this state; or An offer to buy is made and accepted in this state. Sections 75-89-5, 75-89-11, and 75-89-13 apply to persons who buy or offer to buy when: An offer to buy […]
§ 75-89-37. Procedure for administrative proceedings; notice and hearing
The administrator shall commence an administrative proceeding under this chapter by entering either a notice of intent to take administrative action or a summary order. The notice of intent or summary order may be entered without notice, without opportunity for hearing and need not be supported by findings of fact or conclusions of law, but […]
§ 75-89-39. Judicial review of final orders
Any person aggrieved by a final order of the administrator may obtain a review of the order in the Chancery Court of the First Judicial District of Hinds County, Mississippi, by filing in court within sixty (60) days after the entry of the order a written petition praying that the order be modified or set […]
§ 75-89-41. Burden of proof as to exemptions
It shall not be necessary to negate any of the exemptions of this chapter in any complaint, information or indictment, or in any writ or proceeding brought under this chapter. The burden of proof of any such exemption shall be upon the party claiming the same.
§ 75-89-43. Failure to make timely delivery not a violation when caused by factors beyond control of seller, seller’s agents, etc.
It shall be a defense in any complaint, information, indictment, any writ or proceeding brought under this chapter alleging a violation of Section 75-89-5 based solely on the failure in an individual case to make physical delivery within the applicable time period under paragraph (e) of Section 75-89-3 or paragraph (1)(b) of Section 75-89-9 that: […]
§ 75-89-45. Interpretative opinions; no-action determinations
The administrator may honor requests from interested persons for interpretative opinions or may issue determinations that no enforcement proceedings will be instituted against certain specified persons for engaging in certain specified activities when the determination is consistent with the purposes fairly intended by the policy and provisions of this chapter. The administrator may charge a […]