Opinion No.

The Honorable Andrea Lea State Representative Post Office Box 1342 Russellville, Arkansas 72811-1342

Dear Representative Lea:

You have requested my opinion on the following question regarding A.C.A. § 23-42-301(c), which requires registration under the Arkansas Securities Act in order to transact business as an investment adviser or representative:

Does a violation of A.C.A. § 23-42-301(c)1 make the agreement with the broker void or must the [pension and relief fund] board take some type of action to terminate the agreement with the broker?2

As background for this question, you explain that the…