17-12a703.   Repeals; application of act to existingproceeding and existing rights and duties.The Kansas securities act, K.S.A. 17-1252 through17-1275, is hereby repealed subject to the following limitations:

      (a)   Applicability of predecessor act to pending proceedings andexisting rights. The predecessor act exclusively governs all actionsor proceedings that are pending on the effective date of this actor may be instituted on the basis of conduct occurring before theeffective date of this act, but a civil action may not be maintainedto enforce any liability under the predecessor act unless institutedwithin any period of limitation that applied when the cause ofaction accrued or within five years after the effective date of thisact, whichever is earlier.

      (b)   Continued effectiveness under predecessor act. Alleffective registrations under the predecessor act, alladministrative orders relating to the registrations, rules, statements ofpolicy, interpretative opinions, declaratory rulings,no action determinations, and conditions imposed on theregistrations under the predecessor act remain in effect while theywould have remained in effect if this act had not been enacted.They are considered to have been filed, issued, or imposed underthis act, but are exclusively governed by the predecessor act.

      (c)   Applicability of predecessor act to offers or sales. Thepredecessor act exclusively applies to an offer or sale made withinone year after the effective date of this act pursuant to anoffering made in good faith before the effective date of this acton the basis of an exemption available under the predecessor act.

      History:   L. 2004, ch. 154, § 52; July 1, 2005.