Browse Arkansas Code titles and sections
23-42-103. Applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-103. Applicability.
(a)(1) Sections 23-42-106, 23-42-108, 23-42-109, 23-42-212, 23-42-301(a), 23-42-501, and 23-42-507 apply to persons who sell or offer to sell when:
(A) An offer to sell is made in this state; or
(B) An offer to buy is made and accepted in this state.
(2) Sections 23-42-212, 23-42-301(a), and 23-42-507 apply to persons who buy or offer to buy when:
(A) An offer to buy is made in this state; or
(B) An offer to sell is made and accepted in this state.
(3) For the purpose of this section, an offer to sell or to buy is made in this state, whether or not either party is then present in this state, when the offer:
(A) Originates from this state; or
(B) Is directed by the offeror to this state and received at the place to which it is directed or at any post office in this state in the case of a mailed offer.
(4)(A) For the purpose of this section, an offer to buy or to sell is accepted in this state when acceptance:
(i) Is communicated to the offeror in this state; and
(ii) Has not previously been communicated to the offeror, orally or in writing, outside this state.
(B) Acceptance is communicated to the offeror in this state, whether or not either party is then present in this state, when the offeree directs it to the offeror in this state reasonably believing the offeror to be in this state and it is received at the place to which it is directed or at any post office in this state in the case of a mailed acceptance.
(5) An offer to sell or to buy is not made in this state when:
(A) The publisher circulates, or there is circulated on his or her behalf, in this state any bona fide newspaper or other publication of general, regular, and paid circulation which is not published in this state, or which is published in this sta
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-42-103
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2054c93c8add9f8697db690e2204b5ba4cb1c8acd72fef9640a86182a511f81d
Source location: content.xml paragraph 20032
Stored source content
23-42-103. Applicability.
(a)(1) Sections 23-42-106, 23-42-108, 23-42-109, 23-42-212, 23-42-301(a), 23-42-501, and 23-42-507 apply to persons who sell or offer to sell when:
(A) An offer to sell is made in this state; or
(B) An offer to buy is made and accepted in this state.
(2) Sections 23-42-212, 23-42-301(a), and 23-42-507 apply to persons who buy or offer to buy when:
(A) An offer to buy is made in this state; or
(B) An offer to sell is made and accepted in this state.
(3) For the purpose of this section, an offer to sell or to buy is made in this state, whether or not either party is then present in this state, when the offer:
(A) Originates from this state; or
(B) Is directed by the offeror to this state and received at the place to which it is directed or at any post office in this state in the case of a mailed offer.
(4)(A) For the purpose of this section, an offer to buy or to sell is accepted in this state when acceptance:
(i) Is communicated to the offeror in this state; and
(ii) Has not previously been communicated to the offeror, orally or in writing, outside this state.
(B) Acceptance is communicated to the offeror in this state, whether or not either party is then present in this state, when the offeree directs it to the offeror in this state reasonably believing the offeror to be in this state and it is received at the place to which it is directed or at any post office in this state in the case of a mailed acceptance.
(5) An offer to sell or to buy is not made in this state when:
(A) The publisher circulates, or there is circulated on his or her behalf, in this state any bona fide newspaper or other publication of general, regular, and paid circulation which is not published in this state, or which is published in this state but has had more than two-thirds (2/3) of its circulation outside this state during the past twelve (12) months; or
(B) A radio or television program originating outside this state is received in this state.
(b) Sections 23-42-307, 23-42-301(c), as well as § 23-42-212, so far as investment advisers are concerned, apply when any act instrumental in effecting prohibited conduct is done in this state, whether or not either party is then present in this state.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-106. Civil liability — Definitions.
(a)(1) A person is liable to a buyer of a security if the person offers or sells the security:
(A) In violation of § 23-42-212(b), § 23-42-301, or § 23-42-501(1) or (2), a rule or order of the Securities Commissioner under § 23-42-502 which requires the affirmative approval of sales literature before it is used, or any condition imposed under § 23-42-403(d), § 23-42-404(g), or § 23-42-404(i); or
(B) By means of an untrue statement of a material fact or a failure to state a material fact necessary in order to make the statement made, in the light of circumstances under which it is made, not misleading, the buyer not knowing of the untruth or omission, and the seller not sustaining the burden of proof that the seller did not know, and in the exercise of reasonable care could not have known, of the untruth or omission.
(2) In a successful action under subdivision (a)(1) of this section, the buyer may recover costs and reasonable attorney's fees plus:
(A) Upon tender of the security, the consideration paid for the security and interest at six percent (6%) per year from the date of payment, less the amount of any income received from owning the security; or
(B)(i) Damages if the buyer no longer owns the security.
(ii) Damages are the amount that would be recoverable upon a tender of the security less the value of the security when the buyer disposed of the security plus interest at six percent (6%) per year from the date of disposition of the security.
(b)(1) A person is liable to a seller of a security if the person buys the security:
(A) In violation of § 23-42-301, § 23-42-307, § 23-42-507, or § 23-42-508; or
(B) By means of an untrue statement of a material fact or a failure to state a material fact necessary
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-106
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-108. Rights and remedies cumulative.
The rights and remedies provided by this chapter are in addition to any other rights that may exist at law or in equity.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-108
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-108. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-109. Waiver of compliance void.
Any condition, stipulation, or provision binding any person acquiring any security to waive compliance with any provision of this chapter or any rule or order under this chapter is void.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-109
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-109. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-212. Registration or availability of exemption not construed as approval by Securities Commissioner — Inconsistent representation.
(a)(1) Neither the fact that an application for registration, a notice filing, or a registration statement has been filed nor the fact that a person or security is effectively registered constitutes a finding by the Securities Commissioner that any document filed under this chapter is true, complete, and not misleading.
(2) Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the commissioner has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction.
(b) It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with subsection (a) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-212
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-212. This identifies an authority to review, not proof of applicability.