[§485A-510]  Rescission offers.  A
purchaser, seller, or recipient of investment advice may not maintain an action
under section 485A-509 if:



(1)  The purchaser, seller, or recipient of investment
advice receives in a record, before the action is instituted:



(A)  An offer stating the respect in which
liability under section 485A-509 may have arisen and fairly advising the
purchaser, seller, or recipient of investment advice of that person's rights in
connection with the offer, and any financial or other information necessary to
correct all material misrepresentations or omissions in the information that
was required by this chapter to be furnished to that person at the time of the
purchase, sale, or investment advice;



(B)  If the basis for relief under this section
may have been a violation of section 485A-509(b), an offer to repurchase the
security for cash, payable on delivery of the security, equal to the
consideration paid, and interest at the legal rate of interest, from the date
of the purchase, less the amount of any income received on the security;
or, if the purchaser no longer owns the security, an offer to pay the purchaser
upon acceptance of the offer damages in an amount that would be recoverable
upon a tender, less the value of the security when the purchaser disposed of
it, and interest at the legal rate of interest, from the date of the purchase
in cash equal to the damages computed in the manner provided in this
subsection;



(C)  If the basis for relief under this section
may have been a violation of section 485A-509(c), an offer to tender the
security, on payment by the seller of an amount equal to the purchase price
paid, less income received on the security by the purchaser and interest at the
legal rate of interest, from the date of the sale; or if the purchaser no
longer owns the security, an offer to pay the seller upon acceptance of the
offer, in cash, damages in the amount of the difference between the price at
which the security was purchased and the value the security would have had at
the time of the purchase in the absence of the purchaser's conduct that may
have caused liability and interest at the legal rate of interest, from the date
of the sale;



(D)  If the basis for relief under this section
may have been a violation of section 485A-509(d); and if the customer is a
purchaser, an offer to pay as specified in subparagraph (B); or, if the
customer is a seller, an offer to tender or to pay as specified in subparagraph
(C);



(E)  If the basis for relief under this section
may have been a violation of section 485A-509(e), an offer to reimburse in cash
the consideration paid for the advice and interest at the legal rate of
interest, from the date of payment; or



(F)  If the basis for relief under this section
may have been a violation of section 485A-509(f), an offer to reimburse in cash
the consideration paid for the advice, the amount of any actual damages that
may have been caused by the conduct, and interest at the legal rate of
interest, from the date of the violation causing the loss;



(2)  The offer under paragraph (1) states that it must
be accepted by the purchaser, seller, or recipient of investment advice within
thirty days after the date of its receipt by the purchaser, seller, or
recipient of investment advice or any shorter period, of not less than three
days, that the commissioner, by order, specifies;



(3)  The offeror has the present ability to pay the
amount offered or to tender the security under paragraph (1);



(4)  The offer under paragraph (1) is delivered to the
purchaser, seller, or recipient of investment advice, or sent in a manner that
ensures receipt by the purchaser, seller, or recipient of investment advice;
and



(5)  The purchaser, seller, or recipient of investment
advice that accepts the offer under paragraph (1) in a record within the period
specified under paragraph (2) is paid in accordance with the terms of the
offer. [L 2006, c 229, pt of §1]