70 Pa. Stat. § 1-204

Current through P.A. Acts 2022-54
Section 1-204 - Exemption proceedings
(a) The department may by regulation as to any type of security or transaction, or by order in a particular case, as to any security or transaction increase the number of purchasers or offerees permitted, or waive the conditions in either of sections 202 or 203.
(b) The department may by order deny or revoke any exemption specified in section 202 or 203 with respect to a specific security or transaction. The order shall be issued summarily without notice or hearing. Upon issuance of a summary order, the department shall promptly provide the order to the person against whom it is issued. The order shall contain findings of fact and conclusions of law and include a notice affording the person an opportunity for a hearing under section 607(a). No order under this section shall operate retroactively. No person shall be considered to have violated section 201 by reason of any offer or sale effected after the entry of an order under this section if he sustains the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the order.

70 P.S. § 1-204

Amended by P.L. 678 2014 No. 52, § 4, eff. 8/9/2014.
1972, Dec. 5, P.L. 1280, No. 284, § 204, effective Jan. 1, 1973. Amended 2002, July 4, P.L. 721, No. 108, § 4, effective in 60 days.