§16702. Application






The application of this chapter to existing proceedings and existing rights and duties
is described in this section. [2005, c. 65, Pt. A, §2 (NEW).]








1. Applicability of predecessor act to pending proceedings and existing rights. 
The predecessor act exclusively governs all actions or proceedings that are pending
on the effective date of this chapter or may be instituted on the basis of conduct
occurring before the effective date of this chapter, but a civil action may not be
maintained to enforce any liability under the predecessor act unless instituted within
any period of limitation that applied when the cause of action accrued or within 5
years after the effective date of this chapter, whichever is earlier.


[
2005, c. 65, Pt. A, §2 (NEW)
.]








2. Continued effectiveness under predecessor act. 
All effective licenses and registrations under any predecessor act, all administrative
orders relating to the registrations, rules, statements of policy, interpretative
opinions, declaratory rulings, no action determinations and conditions imposed on
the licenses and registrations under any predecessor act remain in effect while they
would have remained in effect if this chapter had not been enacted. They are considered
to have been filed, issued or imposed under this chapter, but are exclusively governed
by that predecessor act.


[
2005, c. 65, Pt. A, §2 (NEW)
.]








3. Applicability of predecessor act to offers or sales. 
The predecessor act exclusively applies to an offer or sale made within one year
after the effective date of this chapter pursuant to an offering made in good faith
before the effective date of this chapter on the basis of an exemption available under
the predecessor act.


[
2005, c. 65, Pt. A, §2 (NEW)
.]





SECTION HISTORY

2005, c. 65, §A2 (NEW).