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Law change to hold securities brokers more accountable
Updated: Friday, 29 Jun 2012, 8:13 AM EDT
Published : Friday, 29 Jun 2012, 8:04 AM EDT
INDIANAPOLIS (AP) - Changes in Indiana securities law that take effect Sunday will hold brokers more accountable.
Secretary of State Connie Lawson says the new provisions will help her office provide better protection to investors.
The law clarifies a provision that allows the state securities commissioner to reward whistleblowers who provide information that leads to a conviction. Reward money comes from fines collected from violators.
The new law also allows the securities commissioner to suspend a broker's license for failure to pay child support. The license may be restored once the broker pays the support.
Other provisions will convert licensing for collection agencies to an online system and require mortgage loan brokers who provide loans on manufactured housing to be licensed.
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