S-3515               _______________________________________________

                                                   SENATE BILL NO. 6111

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By Senator Moore

Prefiled with Secretary of the Senate 1/8/88.  Read first time 1/11/88 and referred to Committee on Financial Institutions & Insurance.

AN ACT Relating to securities; adding a new section to chapter 21.20 RCW; and prescribing penalties.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 21.20 RCW to read as follows:

          (1) A broker-dealer or investment adviser, or any person acting with express or implied authority on behalf of a broker-dealer or investment adviser, who permits an employee of such broker-dealer or investment adviser to resign from employment in lieu of termination from employment because the employee has violated this chapter is guilty of a class C felony punishable by imprisonment for a term not to exceed five years, or a fine not to exceed ten thousand dollars, or both.

          (2) For purposes of subsection (1) of this section, "employee" means any broker-dealer salesperson or investment adviser salesperson who is employed by a broker-dealer or investment adviser.