2006 Minnesota Statutes

80A.48 SECTION 204; DENIAL, SUSPENSION, REVOCATION, CONDITION, OR
LIMITATION OF EXEMPTIONS.
    (a) Enforcement related powers. Except with respect to a federal covered security or a
transaction involving a federal covered security, an order under this chapter may deny, suspend
application of, condition, limit, or revoke an exemption created under section 80A.45(3)(C),
(7) or (8) or 80A.46 or an exemption or waiver created under section 80A.47 with respect to a
specific security, transaction, or offer. An order under this section may be issued only pursuant to
the procedures in section 80A.54(d) or 80A.81 and only prospectively.
    (b) Knowledge of order required. A person does not violate sections 80A.49, 80A.51
through 80A.54, 80A.71, or 80A.77 by an offer to sell, offer to purchase, sale, or purchase
effected after the entry of an order issued under this section if the person did not know, and in the
exercise of reasonable care could not have known, of the order.
History: 2006 c 196 art 1 s 9
NOTE: This section, as added by Laws 2006, chapter 196, article 1, section 9, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.