Section 409.7-703

Title XXVI TRADE AND COMMERCE

Chapter 409

Effective - 01 Sep 2003, see footnote   

  409.7-703.  Application of act to existing proceedings and existing rights and duties. — (a)  The predecessor act exclusively governs all actions or proceedings that are pending on September 1, 2003, or may be instituted on the basis of conduct occurring before September 1, 2003, but a civil action may not be maintained to enforce any liability under the predecessor act unless instituted within any period of limitation that applied when the cause of action accrued or within five years after September 1, 2003, whichever is earlier.

  (b)  All effective registrations under the predecessor act, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations, and conditions imposed on the registrations under the predecessor act remain in effect while they would have remained in effect if this act had not been enacted.  They are considered to have been filed, issued, or imposed under this act, but are exclusively governed by the predecessor act.

  (c)  The predecessor act exclusively applies to an offer or sale made within one year after September 1, 2003, pursuant to an offering made in good faith before September 1, 2003, on the basis of an exemption available under the predecessor act.

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(L. 2003 H.B. 380)

Effective 9-01-03