Interpretive Opinion Letters

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• Request for Opinion No. 2002-001: The sale of timeshare interests does not constitute the sale of securities where the purchaser's bone fide motivation is the purchase of the timeshare interest for personal use and enjoyment. Additionally, land on which there is a residential, commercial, or industrial building, or as to which there is a legal oblication on the part of the seller to construct such a building within two years are exempt from registration under the Uniform Land Sales Practices Act pursuant to K.S.A. 58-3303(a)(3)...
  
• Request for Opinion No. 2002-003: Staff will take a "no-action" position with respect to a loan matching service that either serves as the creditor in the proposed transaction, or receives no fee other than fees contingent on the successful procurement of a loan and reasonable fees paid by prospective lenders, provided those lenders are specifically excluded from the definition of loan broker pursuant to K.S.A. 50-1001(c)(1)...
  
• Request for Opinion No. 2002-004: The October 26, 2001 amendment to Kansas Administrative Regulation 81-5-7 was intended to repeal portions of the "exchange exemption" that were made obsolete by the federal preemption for "covered securities" in the Securities Act of 1933, Section (18)(b)(1). Portions of the exemption involving non-covered securities were erroneously repealed...
  
• Request for Opinion No. 2001-003: Broker-dealer and agent registration is not required when a bank and its employees are referring customers to another registered broker-dealer, and the bank employees do not directly or actively solicit customers for brokerage business, and bank employees receive no special compensation for the referrals...


• Request for Opinion No. 2001-005: Securities distributed through a "Unit Option Plan" are exempt from registration under K.S.A. 17-1261(j) where the employer corporation and its subsidiaries grant Unit Options in the LLC and its subsidiaries and those membership interests are restricted to qualified employees...


• Request for Opinion No. 2001-006: Insurance agents who meet the definition of "employee" provided by the Securities and Exchange Commission in Rule 701 are employees for purposes of K.S.A. 17-1261(j), and securities issued to them pursuant to an employee stock option purchase plan are exempt from the registration provisions of the Kansas Securities Act pursuant to K.S.A. 17-1261(j)...


• Request for Opinion No. 2001-007: A person who finds and evaluates potential investors, prepares marketing materials, and receives a "success fee" for completed transactions, must register as a broker-dealer under the Kansas Securities Act unless the person engages exclusively in transactions that are exempt from registration...


• Request for Opinion No. 2001-008: Pursuant to K.S.A. 17-1262(l), sales of securities not in violation of K.S.A. 17-1255, and ammended thereto, and made in conformity with the exemption provided by K.S.A. 17-1262(h)(1), need not be counted toward the 20-sale limitation...


• Request for Opinion No. 2001-009 The Class A and Class B common stock of TruServ Corporation are not securities within the meaning of K.S.A. 17-1252(j)...