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Title 3 . Commerce, Community, and Economic Development
Chapter 8 . Land Sales
Section 915. Rescission of illicit sales

3 AAC 08.915. Rescission of illicit sales

(a) In dealing with a sale of securities that violates AS 45.55 or this chapter, the administrator will, in the administrator's discretion, impose a reduced sanction or penalty or decline to pursue civil enforcement against an issuer or person acting on behalf of the issuer if the issuer provides

(1) appropriate current disclosures and an offer of rescission to each investor under AS 45.55.930 (k), 45.55.900(b)(19), and 3 AAC 08.910(9) within a reasonable time after discovery of the violation and seeks an appropriate amendment to any registration or exemption; and

(2) the administrator with the full details of the transaction, demonstrates that the seller sold the security in good faith, and proves that there was no intent to violate 45.55 or this chapter.

(b) A rescission payment under this section must be made without condition, and the person offering the rescission must have the financial capacity to pay.

(c) If the rescission creates additional risks or obligations for purchasers who do not accept rescission under (a) of this section, those risks and obligations must be disclosed.

(d) This section does not relieve an issuer or person acting on behalf of an issuer from compliance with or liability under other federal or state law.

History: Eff. 4/19/2000, Register 154

Authority: AS 45.55.900

AS 45.55.920

AS 45.55.930

AS 45.55.950

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If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.

Last modified 7/05/2006