Minnesota Session Laws - 1995, Regular Session

                             CHAPTER 11-H.F.No. 554 
                  An act relating to securities; regulating enforcement 
                  actions against licensees; modifying the definition of 
                  investment metal; amending Minnesota Statutes 1994, 
                  sections 80A.07, subdivision 5; and 80A.14, 
                  subdivision 10.  
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1994, section 80A.07, 
        subdivision 5, is amended to read: 
           Subd. 5.  Withdrawal from the status of a licensed 
        broker-dealer, agent or investment adviser becomes effective 30 
        days after receipt of an application to withdraw or within such 
        shorter period as the commissioner determines unless a 
        revocation or suspension proceeding is pending when the 
        application is filed or a proceeding to revoke or suspend or to 
        impose conditions upon the withdrawal is instituted within 30 
        days after the application is filed. If a proceeding is pending 
        or instituted, withdrawal becomes effective at such time and 
        upon such conditions as the commissioner by order determines.  
        If no proceeding is pending or instituted and withdrawal 
        automatically becomes effective, the commissioner may institute 
        a revocation or suspension proceeding under subdivision 1, 
        clause (b) within one year two years after withdrawal became 
        effective and enter a revocation or suspension order as of the 
        last date on which the license was in effect. 
           Sec. 2.  Minnesota Statutes 1994, section 80A.14, 
        subdivision 10, is amended to read: 
           Subd. 10.  [INVESTMENT METAL.] "Investment metal" means any 
        object which contains gold, silver or, platinum, indium, 
        chromium, or germanium, or any other metal which the 
        commissioner may specify by rule upon a showing that such other 
        metal is being purchased and sold by the public as an investment.
           Sec. 3.  [EFFECTIVE DATE.] 
           Sections 1 and 2 are effective the day following final 
        enactment. 
           Presented to the governor March 16, 1995 
           Signed by the governor March 17, 1995, 10:57 a.m.