502A.1 Definitions. For purposes of this chapter, unless the context otherwise requires: 1. “Administrator” means the administrator of the securities and regulated industries bureau of the insurance division of the department of commerce. 2. “Board of trade” means a person or group of persons engaged in buying or selling any commodity or receiving the same […]
502A.11 Investigations. 1. The administrator may make investigations, within or without this state, as the administrator finds necessary or appropriate to do either or both of the following: a. Determine whether any person has violated, or is about to violate this chapter or any rule or order of the administrator. b. Aid in enforcement of […]
502A.12 Enforcement of chapter. 1. If the administrator believes, whether or not based upon an investigation conducted under section 502A.11, that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order issued under this chapter, the administrator may do any […]
502A.13 Power of court to grant relief. 1. a. Upon a proper showing by the administrator that a person has violated, or is about to violate, this chapter or a rule or order of the administrator, a court of competent jurisdiction may grant appropriate legal or equitable remedies. b. Upon showing of violation of this […]
502A.14 Criminal penalties. 1. A person who willfully violates either of the following shall, upon conviction, be fined not more than twenty thousand dollars or be imprisoned not more than ten years, or both, for each violation. a. This chapter. b. A rule or order of the administrator under this chapter. 2. A person convicted […]
502A.15 Administration of chapter. 1. This chapter shall be administered by the administrator of the securities and regulated industries bureau of the insurance division of the department of commerce. 2. The administrator or any employees of the administrator shall not use any information which is filed with or obtained by the administrator which is not […]
502A.16 Cooperation with other agencies. 1. To encourage uniform application and interpretation of this chapter and securities regulation and enforcement in general, the administrator and the employees of the administrator may cooperate, including bearing the expense of the cooperation, with the securities agencies or administrator of another jurisdiction, Canadian province or territory or such other […]
502A.17 General authority to adopt rules, forms, and orders. 1. In addition to specific authority granted elsewhere in this chapter, the administrator may adopt rules and forms, pursuant to chapter 17A, and issue orders as are necessary to administer this chapter. Rules or forms to be adopted shall include, but need not be limited to, […]
502A.18 Consent to 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 conduct shall constitute the appointment of the administrator as the person’s attorney to receive service of any lawful process in a […]
502A.19 Chapter scope. 1. Sections 502A.2, 502A.5, and 502A.6 apply to a person who sells or offers to sell when either of the following occurs: a. An offer to sell is made in this state. b. An offer to buy is made and accepted in this state. 2. Sections 502A.2, 502A.5, and 502A.6 apply to […]
502A.2 Unlawful commodity transactions. Except as otherwise provided in section 502A.3 or 502A.4, a person shall not sell or purchase, or offer to sell or purchase, a commodity under a commodity contract, or under a commodity option, or offer to enter into, or enter into as seller or purchaser, a commodity contract or commodity option. […]
502A.20 Effect of pending judicial review. The filing of a petition for judicial review pursuant to chapter 17A does not, unless specifically ordered by the court, operate as a stay of the administrator’s order, and the administrator may enforce or ask the court to enforce the order pending the outcome of the review proceedings. 90 […]
502A.21 Pleading exemptions. It is not necessary for the state to plead the absence of an exemption under this chapter in a complaint, information, or indictment, or a writ or proceeding brought under this chapter. The burden of proof of a claimed exemption is upon the party claiming the exemption. 90 Acts, ch 1169, §20
502A.22 Affirmative defense. It is an affirmative defense in a complaint, information, indictment, writ, or proceeding brought under this chapter alleging a violation of section 502A.2 based solely on the failure in an individual case to make physical delivery within the applicable time period under section 502A.1, subsection 5, or section 502A.4, subsection 1, paragraph […]
502A.3 Exempt person transactions. 1. The prohibitions in section 502A.2 do not apply to a transaction in which any of the following persons, or any employee, officer, or director of a listed person acting solely in that capacity, is the purchaser or seller: a. A person registered with the commodity futures trading commission as a […]
502A.4 Exempt transactions. 1. Section 502A.2 does not apply to any of the following: a. An account, agreement, or transaction within the exclusive jurisdiction of the commodity futures trading commission as granted under the Commodity Exchange Act. b. A commodity contract, offered or sold by a qualified seller as defined in subsection 2, for the […]
502A.5 Unlawful commodity activities. 1. A person shall not engage in a trade or business or otherwise act as a commodity merchant unless the person is either of the following: a. Registered or temporarily licensed with the commodity futures trading commission for each activity constituting the person as a commodity merchant and the registration or […]
502A.6 Fraudulent conduct. A person shall not directly or indirectly do any of the following in or 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 of, a commodity contract or commodity option subject to section 502A.2, 502A.3, 502A.4, […]
502A.7 Liability of principals, controlling persons, and others. 1. The act, omission, or failure of an official, agent, or other person acting for an individual, association, partnership, corporation, or trust within the scope of the person’s employment or office shall be deemed the act, omission, or failure of the individual, association, partnership, corporation, or trust, […]
502A.8 Securities laws unaffected. This chapter does not impair, derogate, or otherwise affect the authority or powers of the administrator under chapter 502 or the application of any provision of chapter 502 to a person or transaction subject to that chapter. 90 Acts, ch 1169, §8
