PART VI. 
ADMINISTRATION AND JUDICIAL REVIEW



 



[§485A-601]  Commissioner of securities. 
(a)  The administration of this chapter shall be vested in the commissioner. 
The director, with the approval of the governor, shall appoint the commissioner
who shall not be subject to chapter 76.  The commissioner shall hold the
commissioner's office at the pleasure of the director and shall be responsible
for the performance of the duties imposed under this chapter.



(b)  The commissioner shall employ from time to
time such other officers, deputies, attorneys, clerks, and employees, as are
necessary for the administration of this chapter.  They shall perform such
duties as the commissioner assigns to them, and their compensation, and the
compensation of the deputies herein provided for, shall be fixed by the
commissioner with the approval of the governor, subject to chapter 76.  The
commissioner, deputies, or any person appointed or employed by the commissioner
under this subsection shall be paid, in addition to their salary or
compensation when required to travel on official duties, the transportation
cost, board, lodging, and other traveling expenses necessary and actually
incurred by each of them in the performance of the duties required by this
chapter or performed by the direction of the commissioner.



(c)  Notwithstanding any other law to the
contrary, the commissioner, by contract, may retain the services of
attorneys for the enforcement of this chapter.  The attorneys shall serve at
the pleasure of the commissioner.  At the option of the commissioner, attorneys
retained by contract under this subsection may be compensated on a fixed-price
basis, an hourly rate basis, with or without a fixed cap, or through a
contingent fee arrangement to be specified in the contract and payable out of
all sums the attorney recovers for the State by judgment, order, or settlement.



(d)  Upon the filing of the application for
registration of securities as provided in section 485A-302 or 485A-303, the
applicant, in writing, may request that the registration be reviewed by a
private consultant and, when requested, the commissioner may contract with
private consultants for such review.  The cost of the review shall be borne by
the applicant; provided that upon payment of the cost of review, the applicant
shall be reimbursed one-half of the respective filing fee.



(e)  The governor shall cause the commissioner
to be furnished with such quarters, stationery, furniture, office equipment,
and other supplies as may be necessary for the efficient execution of the
functions vested in the commissioner by this chapter.



(f)  The commissioner shall report to the
governor annually upon a date as the governor shall establish.  The report
shall contain an account of the work of the commissioner during the period
covered and data and information deemed necessary or appropriate.



(g)  The commissioner may develop and
implement investor education initiatives to inform the public about investing
in securities, with particular emphasis on the prevention and detection of
securities fraud.  In developing and implementing these initiatives, the
commissioner may collaborate with public and nonprofit organizations with an
interest in investor education.  The commissioner may accept a grant or
donation from a person that is not affiliated with the securities industry or
from a nonprofit organization, regardless of whether the organization is
affiliated with the securities industry, to develop and implement investor
education initiatives.



(h)  It shall be unlawful
for the commissioner or an officer, employee, or designee of the commissioner
to use for personal benefit or the benefit of others records or other
information obtained by or filed with the commissioner that are not public
under section 485A-608(b).  This chapter does not authorize the commissioner or
an officer, employee, or designee of the commissioner to disclose the record or
information, except in accordance with section 485A-602 or 485A-608(c). [L
2006, c 229, pt of §1]



 



Revision Note



 



  In subsection (h), "485A-608(b)" substituted for
"485A-607(b)" and "485A-602 or 485A-608(c)" substituted for
"485A-602, 485A-607(c), or 485A-608" pursuant to §23G-15.