(1)(a) As used in this section, “finder” means a person who is not regularly employed by, or not a partner or officer of,
an underwriter, bank, banker, or financial consultant or adviser and who enters into
an understanding with either the issuer or the managing underwriter, or both, for
any paid or promised compensation or valuable consideration directly or indirectly,
expressly or impliedly, to act solely as an intermediary between such issuer and managing
underwriter for the purpose of influencing any transaction in the purchase of such
(b) No underwriter, commercial bank, investment banker, or financial consultant or
adviser shall pay any finder any bonus, fee, or gratuity in connection with the sale
of general obligation bonds or revenue bonds issued by any unit of local government,
unless full disclosure is made to the unit of local government prior to or concurrently
with the submission of a purchase proposal for bonds by the underwriter, commercial
bank, investment banker, or financial consultant or adviser and subsequently in the
official statement or offering circular, if any, detailing the name and address of
any finder and the amount of bonus, fee, or gratuity paid to such finder.
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