WA People
BILL · 1993–94 SESSION

SB 5183: Securities advising/fiducry

Forbidding the breach of fiduciary duty in securities advising.

Summary

  • Any person who receives consideration for securities advice owes a fiduciary duty to clients if (1) the person has discretion over the account; or (2) the person has substantial control and influence over the client's investment decision making. When the fiduciary duty arises, the advisor is obligated to act in good faith and fully disclose all known material information regarding the investment to the client.

From the Senate Bill Report (SB 5183), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedJan 15, 1993
  2. Out of committeestopped here
  3. Passed Senate
  4. Passed House
  5. Governor
  6. Law
Prime sponsor
Ray Moore (D-36)
Introduced
January 15, 1993 in the Senate
Last action
March 11, 1994

Sponsors

Prime sponsor: Ray Moore (D-36)

Votes

No recorded floor votes. This measure never reached a floor vote.

History

The Legislature's online data doesn't include step-by-step history for sessions before 2001. Its final status is shown above, and the official bill page may have more.

SB 5183 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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