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    (a) Applicability of predecessor act to pending proceedings and existing rights. The
predecessor act exclusively governs all actions or proceedings that are pending on the effective
date of this chapter or may be instituted on the basis of conduct occurring before August 1, 2007,
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 August 1, 2007, whichever is earlier.
    (b) Continued effectiveness under predecessor act. 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 chapter had not been enacted. They are considered to have been filed, issued, or
composed under this chapter, but are exclusively governed by the predecessor act.
    (c) Applicability of predecessor act to offers or sales. The predecessor act exclusively
applies to an offer or sale made within one year after August 1, 2007, pursuant to an offering
made in good faith before August 1, 2007, on the basis of an exemption available under the
predecessor act.
History: 2006 c 196 art 1 s 50
NOTE: This section, as added by Laws 2006, chapter 196, article 1, section 50, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.

Official Publication of the State of Minnesota
Revisor of Statutes