A. The predecessor act exclusively governs all actions or proceedings that are pending on the effective date of the New Mexico Uniform Securities Act or may be instituted on the basis of conduct occurring before the effective date of the New Mexico Uniform Securities Act, but a civil action shall not be maintained to enforce any liability pursuant to the predecessor act unless instituted within any period of limitation that applied when the cause of action accrued or within five years after the effective date of the New Mexico Uniform Securities Act, whichever is earlier

B. All effective registrations pursuant to the 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 registrations pursuant to the predecessor act remain in effect while they would have remained in effect if the New Mexico Uniform Securities Act had not been enacted. They are considered to have been filed, issued or imposed pursuant to the New Mexico Uniform Securities Act, but are exclusively governed by the predecessor act.

C. The predecessor act exclusively applies to an offer or sale made within one year after the effective date of the New Mexico Uniform Securities Act pursuant to an offering made in good faith before the effective date of the New Mexico Uniform Securities Act on the basis of an exemption available pursuant to the predecessor act.

History: Laws 2009, ch. 82, § 701.

Effective dates. — Laws 2009, ch. 82, § 704 made the New Mexico Uniform Securities Act effective January 1, 2010.