SEC. 75-71-319. Surety bond; terms and conditions.

(1) The Secretary of State may by rule require registered broker-dealers, agents and investment advisers to post surety bonds in amounts up to Thirty Thousand Dollars ($30,000.00) and he may by rule determine the conditions of such bonds.

(2) Every bond shall provide that no suit may be maintained to enforce any liability on the bond unless brought within two (2) years after the sale or other act upon which it is based, except that if the person entitled to bring such suit shall die before the expiration of the time herein limited therefor, such suit may be commenced by the executor or administrator of the deceased person after the expiration of such time but within one (1) year after the death of such person.

SOURCES: Laws, 1981, ch. 521, Sec. 202; 1987, ch. 477, Sec. 10, eff from and after July 1, 1987.
 

1997 Amendment:

SECTION 10. Section 75-71-319, Mississippi Code of 1972, is amended as follows:

 75-71-319. (1) The Secretary of State may by rule or otherwise require registered broker-dealers, agents and investment advisers to post * * * bonds, in amounts as he may prescribe, subject to the limitations of Section 15 of the Securities Exchange Act of 1934 (for broker-dealers) and Section 222 of the Investment Advisers Act of 1940 (for investment advisers), and may determine their condition.

 (2) Every bond shall provide that no suit may be maintained to enforce any liability on the bond unless brought within two (2) years after the sale or other act upon which it is based, except that if the person entitled to bring such suit shall die before the expiration of the time herein limited therefor, such suit may be commenced by the executor or administrator of the deceased person after the expiration of such time but within one (1) year after the death of such person.
 

SOURCE: 1997 Laws, Chapter 480, Sec. 10, HB1124, Effective AP-March 27, 1997.