§ 11-53-207 — General authority to adopt rules, forms, and orders

(1) In
addition to specific authority granted elsewhere in this article, the commissioner
may make, amend, and rescind such rules, forms, and orders as are necessary to
carry out the provisions of this article. Such rules or forms shall include, but need
not be limited to, rules defining any terms, whether or not used in this article,
insofar as the definitions are not inconsistent with the provisions of this article. For
the purpose of rules or forms, the commissioner may classify commodities,
commodity contracts, commodity options, persons, and matters within the
commissioner's jurisdiction.

(2) Unless specifically provided in this article, no rule, form, or order may be
adopted, amended, or rescinded unless the commissioner finds that the action is:

(a) Necessary or appropriate in the public interest or for the protection of
investors; and

(b) Consistent with the purposes fairly intended by the policy and provisions
of this article.

(3) All rules and forms of the commissioner shall be published.

(4) No provision of this article imposing any liability applies to any act done
or omitted in good faith in conformity with a rule, order, or form adopted by the
commissioner, notwithstanding that the rule, order, or form may later be amended,
or rescinded, or be determined by judicial or other authority to be invalid for any
reason.

Legislative History

Source: L. 89: Entire article R&RE, p. 639, � 1, effective July 1.