44-3151

44-3151. Licensure required; exclusion;
violation; classification

A. A person shall not transact business in this state as an investment adviser or
investment adviser representative unless any of the following applies:

1. The person is licensed under this article.

2. The person is a federal covered adviser and has made a notice filing under this
article.

3. The person is exempt from licensure.

4. The person is a federal covered adviser and is not subject to the notice filing
requirements prescribed in section 44-3153.

B. The licensure requirements of this article do not apply to any federal covered
adviser or a person that is excluded from the definition of an investment adviser under
section 202(a)(11) of the investment advisers act of 1940.

C. An investment adviser that is required to be licensed shall not employ an
investment adviser representative unless the investment adviser representative is
licensed under this article. The licensure of an investment adviser representative is not
effective during any period of time that the investment adviser representative is not
employed by a licensed investment adviser or by a federal covered adviser that has made a
notice filing pursuant to section 44-3153, subsection E. A licensed investment adviser
shall promptly notify the commission when an investment adviser representative begins or
terminates employment with the investment adviser by filing a completed form U-4 or form
U-5 or any other form as the director may designate.

D. An investment adviser representative shall not conduct business on behalf of a
federal covered adviser unless that investment adviser representative is licensed under
this article. A federal covered adviser shall notify the commission if any investment
adviser representative begins or terminates employment with that federal covered adviser
by filing a completed form U-4, form U-5 or any other form the director designates for
that purpose.

E. A person who knowingly violates this section is guilty of a class 1 misdemeanor.