ASSEMBLY FINANCIAL INSTITUTIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 125

STATE OF NEW JERSEY

DATED: FEBRUARY 15, 1996

      The Assembly Financial Institutions Committee reports favorably Assembly Bill No. 125.

      This bill would include violations of section 5 of P.L.1967, c.93 (C.49:3-52) under the section of the "Uniform Securities Law (1967)," P.L.1967, c.93 (C.49:3-47 et seq.), which allows for the recovery of civil damages. Any person offering or selling a security in a manner prohibited by that section would be liable to the person buying the security, who then could proceed as permitted under the law in order to recover the amount paid for the security, plus or minus certain other amounts, in addition to other damages.

      This bill was pre-filed for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.