Penny Stock Reform Act of 1990

Penny Stock Reform Act of 1990 - Amends the Securities Exchange Act of 1934 to define "penny stock" securities and to extend regulatory authority over persons engaged in penny stock activities. Requires the Securities and Exchange Commission (SEC) to prescribe rules implementing such authority by a specified deadline.

Empowers the SEC to exclude persons from participating in penny stock distributions if they have violated certain registration regulations.

Prescribes requirements for brokers and dealers in penny stock transactions, including guidelines for mandatory risk disclosure statements.

Requires the SEC to: (1) facilitate the establishment of automated penny stock quotation systems according to specified guidelines, submitting annual status reports to the Congress; and (2) report to the Congress the results of a review of penny stock self-regulatory mechanisms.

Authorizes the SEC to designate rules whose violation shall not automatically render a contract void.

Amends the Securities Act of 1933 to require the SEC to prescribe special rules for registration statements filed by any issuer that is a blank check company (one with no specific business plan or purpose, or whose intent is to merge with an unidentified company). Authorizes such rules to include the right of shareholder rescission.

Amends the Securities Exchange Act of 1934 to require registered securities associations to establish a toll-free consumer hotline regarding broker-dealer disciplinary history.