Ohio § 1707.391
Full text of Ohio Ohio Revised Code § 1707.391, with citation guidance and answers to common questions.
§ 1707.391.
When any securities have been sold in reliance upon division (Q), (W), (X), or (Y)
of section 1707.03 of the Revised Code, section 1707.08 of the Revised Code, or any other section of this chapter that the division of securities
may specify by rule, but such reliance was improper because the required filings were
not timely or properly made due to excusable neglect, upon the effective date of an
application made to the division and payment of any applicable fee, if required and
not already paid, and upon payment of a penalty fee equal to the greater of the fee
or one hundred dollars, the sale of the securities shall be deemed exempt, qualified,
or registered, as though timely and properly filed. The application shall become effective upon the expiration of fourteen days after
the date of the filing in question if prior thereto the division did not give notice
to the applicant that the application was denied based on a finding of lack of excusable
neglect. The division shall promptly adopt and promulgate rules establishing provisions defining
excusable neglect and otherwise establishing reasonable standards for determining
excusable neglect. The effectiveness of an application under this section does not relieve anyone who
has, other than for excusable neglect, violated sections 1707.01 to 1707.50 of the Revised Code , or any previous law in force at the time of sale, from prosecution thereunder.
Frequently Asked Questions About Ohio § 1707.391
What does Ohio Revised Code § 1707.391 cover?
Section 1707.391 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1707.391?
A common citation format is "Ohio Revised Code § 1707.391" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1707.391 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.