Small Investor Protection Act of 1990

Small Investor Protection Act of 1990 - Amends the Securities Exchange Act of 1934 to authorize the Securities and Exchange Commission (SEC) to deny registration of a security if it finds that 80 percent or more of its net offering proceeds are not specifically allocated for specified activities set forth in the issuer's business plan.

Sets forth specified disclosure-to-customer requirements for registered brokers and dealers. Mandates that a registered securities association shall establish a toll-free customer telephone listing to respond to inquiries regarding disciplinary actions involving its members.

Authorizes the SEC to issue cease and desist orders for violations of securities regulations. Authorizes the courts and the SEC to prohibit a violator of securities regulations from serving as an officer or director of a securities issuer.